Royal Oak 2022

The Royal Oak 50th
Geneva / 6 May 2022

The Royal Oak 50th
Geneva / 6 May 2022
Lot 1 Lot 2 Lot 3 Lot 4
From 1972...
Reference No. 15100ST Reference No. 26136ST Reference No. 14802BA Reference No. 25654ST
Lot 5 Lot 6 Lot 7 Lot 8 Lot 9
Reference No. 4100BC Reference No. 15000TR Reference No. 25654BA Reference No. 5402ST Reference No. 15128ST
Reference No. 14802PT Reference No. 56323BA Reference No. 14790ST Reference No. 26603ST Reference No. 15310PT
Reference No. 25636PT Reference No. 25860IS Reference No. 25686PT Reference No. 56175TT Reference No. 25572ST
Reference No. 25820ST Reference No. 25829SP Reference No. 14802ST Reference No. 15189ST Reference No. 25654BA
Reference No. 25595BC Reference No. 14332BC Reference No. 25865ST Reference No. 14544BC Reference No. 25860ST
Reference No. 25831ST Reference No. 4100BA Reference No. 5402ST Reference No. 25829TP Reference No. 15002ST
Reference No. 14812BA Reference No. 25686OR Reference No. 66240BA Reference No. 14701BC Reference No. 5402ST
Reference No. 25654PT Reference No. 15305ST Reference No. 25636SP Reference No. 25960OR Reference No. 25820ST
Reference No. 26120OR Reference No. 5402BC Reference No. 25686PR Reference No. 67077BA Reference No. 14790ST
Reference No. 5402ST Reference No. 25654ST Reference No. 5402ST Reference No. 4100SA Reference No. 5554ST
Reference No. 14544BA Reference No. 26603OR Reference No. 66476BC Reference No. 14802ST Reference No. 14790BC
Reference No. 25654ST Reference No. 25860ST Reference No. 25636ST Reference No. 56343BC Reference No. 25820SP
Reference No. 14802BA Reference No. 26579CE Reference No. 25990BC Reference No. 25800ST Reference No. 14700ST
Reference No. 15202BC Reference No. 25659BA Reference No. 26022OR Reference No. 15202IP Reference No. 56603BC
Reference No. 25977ST Reference No. 25810OR Reference No. 25730OR Reference No. 14802ST Reference No. 25829ST
Reference No. 14790ST Reference No. 15002BA Reference No. 25820PT Reference No. 15202BC Reference No. 26518ST
Lot 86 Lot 87 Lot 88
...to 2022
Reference No. 25820ST Reference No. 56431BC Reference No. 5402ST

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The Royal Oak 50th
Geneva / 6 May 2022
Sale information Watch Department, Geneva International Head of Digital Strategy

Geneva, 6 May 2022, preceding Arthur Touchot +41 22 317 96 62
Geneva Watch Auction XV Senior Consultants atouchot@phillips.com
Aurel Bacs +41 22 317 8188
Digital Content Creator
Auction & Viewing Location abacs@phillipsbacsrusso.com
Dominik Teichert +41 22 317 96 67
La Réserve
dteichert@phillips.com
301, Route de Lausanne Livia Russo +41 22 317 8188
1293 Bellevue, Switzerland lrusso@phillipsbacsrusso.com
International Business Director
Myriam Christinaz +41 22 317 8184
Auction Client Relations Manager
mchristinaz@phillips.com
at Bacs & Russo
Friday, 6 May 2022, 2pm
Clara Kessi +41 22 317 8188 Regional Director, Business
Please register to bid online, ckessi@phillipsbacsrusso.com Development Director
absentee or by phone.
Nathalie Monbaron +41 22 317 8183
Administrative Assistant nmonbaron@phillips.com
Under the aegis of at Bacs & Russo
Maître Tristan Reymond, Athena Bras +41 22 317 9665 Business Development Manager
Huissier Judiciaire abras@phillipsbacsrusso.com Diana Ortega +41 22 317 8187
dortega@phillips.com
Viewing Head of Watches,
Senior Administrators
Wednesday, 4 May, 2pm–8pm Continental Europe and Middle East
Thursday, 5 May, 10am–7pm Alexia Rinalducci +41 22 317 96 67
Alexandre Ghotbi +41 22 317 8189 arinalducci@phillips.com
Friday, 6 May, 9am–12:30pm aghotbi@phillips.com
Shipping & Office Coordinator
Sale Designation Specialist, Head of Sale Charles-Henri Gounod +41 79 532 0395
When sending in written bids Virginie Liatard-Roessli +41 22 317 8182 chgounod@phillips.com
or making enquiries please refer vliatard@phillips.com
to this sale as CH080222 or Watchmaker, Technical Support
The Royal Oak 50th. Head of Sale, Geneva Nicolas Commergnat
info@alliance-geneve.com
Tiffany To +41 22 317 96 63
Absentee and Telephone Bids
tto@phillips.com Photographer
Tel +41 22 317 8181
Fax +41 22 317 8180 Jess Hoffman
Specialist & Business contact@jesshoffman.ch
bidsgeneva@phillips.com Development Associate
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Henry Chan
Associate Specialist Helmut Crott
Ike Honigstock
Edoardo Bolla +41 79 552 73 68
Stephen Charles Li
ebolla@phillips.com David Lou
TK Mak
Auro Montanari
Jason Singer
Kenneth Wong
Our Team
Watches
Senior Executives
Edward Dolman Cheyenne Westphal Stephen Brooks

Executive Chairman Global Chairwoman Chief Executive Officer
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© Brigitte Lacombe
Senior Consultants
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Senior Consultant Senior Consultant
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Executives
David Norman Jonathan Crockett Jean-Paul Engelen

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Deputy Chairmen
& Chairwomen
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Chairman Co-Head of 20th Century & Senior International Head of Private Sales Americas, Worldwide Head
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psumner@phillips.com
Vivian Pfeiffer Marianne Hoet Elizabeth Goldberg Jeremiah Evarts

Deputy Chairman, Deputy Chairwoman, Europe, Deputy Chairwoman, Americas, Deputy Chairman, Americas,
Americas, Head of Business Senior Specialist, 20th Century Senior International Specialist, Senior International Specialist,
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Bacs & Russo
Aurel Bacs Livia Russo Clara Kessi

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International International Business International Head of Digital Content Coordinator
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Geneva
Alexandre Ghotbi Tiffany To Virginie Liatard Roessli Marcello de Marco Edoardo Bolla
Head of Watches, Continental Head of Sale, Specialist Specialist, Business Associate Specialist
Europe and Middle East Senior International Specialist Development Associate
+41 22 317 81 82 +41 79 552 73 68
+41 22 317 81 89 +41 22 317 96 63 vliatard@phillips.com +41 22 317 81 81 ebolla@phillips.com
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Nathalie Monbaron Diana Ortega

Regional Director, Business Business Development
Development Director Manager
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nmonbaron@phillips.com dortega@phillips.com
Hong Kong
Thomas Perazzi Jill Chen Zi Yong Ho Shoyo Kawamura Gertrude Wong

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China Tokyo Taiwan Thailand
Andy Zhang Genki Sakamoto Kaz Fujimoto Cindy Yen Zach Lu Rika Dila
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New York
Paul Boutros Doug Escribano Geoff Hess Isabella Proia Melissa Dahl
Head of Watches, Americas Senior International Senior International Head of Sale, Sale and Business
International Strategy Advisor Specialist Specialist International Specialist Development Manager
+1 212 940 1293 +1 212 940 1382 +1 917 297 6328 +1 212 940 1285 +1 212 940 1314
pboutros@phillips.com describano@phillips.com ghess@phillips.com iproia@phillips.com mdahl@phillips.com
London
James Marks Christopher Youé

International Head of Perpetual Specialist
+44 20 7901 7916 +44 7778 143 563
jmarks@phillips.com cyoue@phillips.com
Welcome
By Alexandre Ghotbi
and Virginie Liatard Roessli
Launched in 1972 at Basel Fair, Audemars Piguet's introduction Our months of work have resulted in this tightly curated
of the Royal Oak marked the beginning of the luxury sports sale of 87 of the finest, rarest and best-preserved Royal Oak
watch market as we know it today, causing an immediate wristwatches known to exist.
sensation as the watch industry had never seen anything
comparable before. To the best of our knowledge never before have we seen or
heard of an assembly of so many historically important, rare
The Royal Oak can be considered as one of the most important and in some instances unique Royal Oak models gathered on
and relevant watches in horological history as it invented a one place or shown to the public together.
genre, there was a before and an after.
We would like to thank the Audemars Piguet Patrimony
When we decided to hold a 50th anniversary auction for this Department for their invaluable time and help in researching
incredible horological icon the goal was to offer 50 pieces spanning the pieces we have on offer.
the 50 years of its history. However, as time went by, we accessed
pieces whose rarity, relevance and diversity made them must Alexandre Ghotbi
haves and as such the 50-piece mark was rapidly abandoned. Head of Watches, Continental Europe and Middle East
Virginie Liatard Roessli

The watches featured in this catalogue are the result of Head of Sale,
encounters, surprises and discoveries, some of which Specialist
completely modified the scholarship on the Royal Oak.
The
Royal Oak
By Bill Prince
Time alone does not make an icon. It might offer us a narrative, By 1972, the need to answer the siren call of this new cultural
but true creativity cannot be confined to a simple chronology. impetus was clear. For example, its echo could be heard in the
Instead, the status of “icon” is conferred in the crucible of ideas, radical proposal two young architects, Renzo Piano and Richard
instincts and individual expertise that first impelled it into Rogers, had put forward for the Centre Pompidou (another
existence; and, in turn, the manner in which it has helped shape radical reimagining of the role that steel would play in design,
the world around it. completed in 1976). It reverberated, too, in Yves Saint Laurent’s
Rive Gauche prêt-à-porter (ready-to-wear) collections, in
Resolute in its respect for fine watchmaking traditions yet radical which the feted young designer revolutionised fashion and
in its use of materials, when presented at the Basel watch fair foreshadowed the blurring of gender stereotypes soon to be
in 1972 the Royal Oak Model 5402ST’s refined yet angular case exemplified by the Royal Oak.
elevated for the very first time steel to the status of gold, whilst
shielding Calibre 2121, then the world’s thinnest self-winding Given the protean appeal of its bold design harnessed to the fine
movement with date. It thus represented an entirely new form watchmaking traditions of the Vallée de Joux (where Audemars
factor: the original sport chic watch, soon to be ordained as the Piguet’s watchmakers continue to refine metiers handed down
perfect emblem of a new demi-monde. since its founding in Le Brassus in 1875), it is no surprise that the
Royal Oak was adopted by many of the era’s pre-eminent style
Gérald Genta’s inimitable design drew unambiguously on his leaders. Gianni Agnelli, Alain Delon and the Duke of Kent are
training as a jeweller. The sharply defined steel tonneau case, the among those who would help propel the watch far beyond the
rounded octagonal bezel secured with eight hexagonal screws remit of a wristwatch and into the cultural firmament, where it
–precisely framed by a finely tapered, perfectly integrated continues to serve as an indelible mark of sophistication 50 years
bracelet – clearly invoke elements of both Art Deco and after its birth.
Modernism. But in 1972, Audemars Piguet heralded an entirely
new approach by offering a watch reflective of the more active Today, Audemars Piguet’s most populous collection represents
lifestyles chosen by a new generation of customers, happy to a formidable display of technical and aesthetic diversity. Over
privilege disruptive ideas over mere paeans to the past. the last 50 years, Gérald Genta’s original design has been joined
Courtesy AP Chronicles
by over 550 different models in numerous sizes and executions, sheer variety of references on offer. It features a rich collection
equipped with a remarkable range of complications. And if of Royal Oak models for women and for men spanning multiple
the original Model 5402 represented a break with many of the decades, including, among many other references, a selection
archetypes underpinning watchmaking’s storied past, so its 50th of Grandes Complications and tourbillons, as well as some of the
anniversary offers us the chance to consider again the impact first Royal Oak perpetual calendars everproduced.
of a design that not only ushered in a new era in casual luxury,
but reinforced many of the precepts by which fine mechanical This catalogue single-handedly tells the whole story of the Royal
watchmaking is judged today. Oak and is a tribute to the innateability of Audemars Piguet’s
icon to seemingly travel both backwards and forwards in time.
In the same way a Hermès Kelly bag or Porsche 911 enshrines
a consideration for the founding principles of good design that
never ages, so the Royal Oak serves in the front rank of those
vanishingly few objects that not only reflect but represent
their times. Little wonder, then, that its designer – when asked
to reflect on the impact of his most famous creation – simply
stated: “The masterpiece of my life.” For those who share Gérald
Genta’s adjudication, the first auction to bring its story together
opens a new chapter in the Royal Oak’s illustrious story.
Many of the watches offered here are reaching the open market
for the first time since their original sale, such as the Royal Oak Bill Prince is a journalist and author of “Royal Oak: From
5402ST number A2, which was presented at the Basel watch fair Iconoclast to Icon (published by Assouline in September 2022).
in 1972. This 50th anniversary sale represents one of the largest,
most interesting and complete single assemblies of Royal Oak For more information on the history of the Royal Oak, please visit
timepieces anywhere in the world, further distinguished by the the AP Chronicles: https://apchronicles.audemarspiguet.com/
1. AUDEMARS PIGUET — A very rare stainless steel limited edition wristwatch made for the
“Time for the Trees Foundation” with certificate and box
Manufacturer Audemars Piguet Very similar in all aspects with reference 14790, reference 15100
Year 1999 was a limited edition of 450 pieces in steel and 50 pieces in
yellow gold, launched in 1999 for a very good cause. The rich
Reference No. 15100ST blue dial features an oak tree engraved in the centre with the
Movement No. 478’584 logo of the Audemars Piguet Foundation on the lower part. Part
Case No. E20018
of the proceeds of the sale of this watch went to the Time For
Model Name Royal Oak “Time for the Trees”
Trees initiative, a NGO dedicated in replanting millions of trees
Material Stainless steel
across the globe.
Calibre Automatic, cal 2225, 36 jewels
Bracelet/Strap Stainless steel Audemars Piguet bracelet,
Presented in excellent overall condition the peculiarity of
max length 170mm
this model other than its limited edition is the dark blue dial
Clasp/Buckle Stainless steel Audemars Piguet deployant clasp
featuring an oak tree blending with the signature grand
Dimensions 36mm Diameter
tapisserie of the dial. At six o’clock one can also notice the
Signed Case, dial, movement and bracelet signed
inscription “Audemars Piguet Fondation”.
Estimate
CHF 15,000-25,000 Remarkably, the present reference was one of the two first
$16,000-26,600 Royal Oaks displaying the “Grande Tapisserie” dial variation
€14,500-24,200
alongside ref. 25920. Turn the watch around and you will
Accessories notice the open caseback revealing the movement’s pink gold
Accompanied by Certificate of Origin dated 16 May 2000, Certificate of rotor adorned with the AP logo and motif leaves around it.
Authenticity, product literature, hang tag, fitted presentation box and The caseback is further engraved “Audemars Piguet Edition
outer packaging. Further accompanied by Audemars Piguet and Phillips Limitée”.
in Association with Bacs & Russo co-signed Royal Oak 50th Anniversary
Attestation.
Ref. 15100ST Royal Oak “Time for the Trees”
36
2. AUDEMARS PIGUET — A stainless steel chronograph wristwatch with original box, number 50
of a limited edition of 50 pieces
Manufacturer Audemars Piguet Presented in 2007, the Tour Auto chronograph was a limited
Year 2007 edition of 50 pieces.
Reference No. 26136ST The Tour Auto is a competition for historic cars which starts in
Movement No. 648’804 Paris. It crosses France in five days and is punctuated by timed
Case No. F99564.50/50
events on circuits and “specials” on closed sections of roads.
Model Name Royal Oak Tour Auto
The current Tour Auto treads in the footsteps of events dating
back to the first Tour de France Automobile in 1899. It is the
oldest motor car race still organized!
Bracelet/Strap Leather
On the occasion of the second year of partnership as “Official
Timekeeper”, Audemars Piguet presented the Royal Oak Tour
Signed Case, dial, movement and clasp signed
Auto Chronograph in 2007.
Estimate Launched as a limited edition of 50 stainless steel pieces,

CHF 20,000-40,000 the present watch takes its inspiration from the car design
$21,300-42,500
of the 70s. The perforated leather strap is reminiscent of car
€19,400-38,700
upholstery from that era. The white dial, fitted with black
Accessories counters, evokes the colors of the checkered flag. The whole is
Accompanied by Audemars Piguet Extract from the Register, reminiscent of the extremely legible dashboards of these racing
numbered lithography and original customized presentation box. cars, while the bright red hands reinforce the sporty character
Further accompanied by Audemars Piguet and Phillips in Association
of this chronograph.
with Bacs & Russo co-signed Royal Oak 50th Anniversary Attestation.
The box is also extremely creative, it was developed in

collaboration with MOTUL, whose 300V oil celebrated its 35th
anniversary that year, like the Royal Oak, and represents an
authentic 300V oil can.
The present Royal Oak Tour Auto is a rare opportunity to own a

watch that was only available to the participant of the 2007 race
edition and through the Paris AP Boutique and that is presented
complete with its special box and a limited edition lithography.
Ref. 26136ST Royal Oak Tour Auto
39
3. AUDEMARS PIGUET — A rare and attractive yellow gold limited edition wristwatch with
certificate of authenticity and box, made to celebrate the 20th anniversary of the model
Manufacturer Audemars Piguet The reference 14802 saw the rebirth of the 39mm “Jumbo”
Year 1993 Royal Oak for the 20th anniversary of the Royal Oak. Sold
between 1992 and 2002, 691 examples were produced in
Reference No. 14802BA steel (with 2 dial variations), 286 in yellow gold (with 4 dial
Movement No. 386’552 variations), along with 20 in platinum (with 2 dial variations).
Case No. D12112.0203
Ref. 14802 introduced the first salmon pink dials as well as
Model Name Royal Oak Jubilée
hammered “Tuscany blue” iterations, although there is no
Material 18K yellow gold
record of how many of these special dials were produced. In
addition, a sapphire caseback revealed Calibre 2121 and most
Bracelet/Strap 18K yellow gold Audemars Piguet bracelet,
of the latter’s gold oscillating weights featured an anniversary
max length 190mm
motif accompanied by the case number.
Clasp/Buckle 18K yellow gold Audemars Piguet deployant clasp
The yellow gold case of the present example elegantly contrasts
against the grey/taupe color of the dial. Housed in a conventional
‘Jumbo’ case and with a height of only 8.1mm the watch remains
Estimate robust and sturdy yet still looking elegant on the wrist.
CHF 60,000-120,000
$63,800-128,000
Preserved in truly excellent condition, the timepiece is
€58,100-116,000
presented with crisp hallmarks, a rigid bracelet and hardly
Accessories any signs of wear. Numbered 0203/1000 the watch comes
Accompanied by Audemars Piguet certificate of authenticity, 2 extra links, with its original certificate of authenticity, additional links and
product literature and box with outer packaging. Further accompanied by presentation box.
Audemars Piguet and Phillips in Association with Bacs & Russo co-signed
Royal Oak 50th Anniversary Attestation.
Ref. 14802BA Royal Oak Jubilée
39
4. AUDEMARS PIGUET — A fine and rare stainless steel perpetual calendar wristwatch with bracelet,
moonphases and additional mother of pearl dial, with winding box and guarantee
Manufacturer Audemars Piguet Reference 25654 replaced the first Royal Oak Perpetual calendar
Year 1989 reference 25554 in 1987 and was produced until 1998 in 315
pieces in steel, 430 pieces in yellow gold, 68 pieces in steel and
Reference No. 25654ST yellow gold and 38 in platinum. It differs from its sibling for a
Movement No. 294’173 slightly thicker case thickness (8.25mm vs the 7.5mm of ref.
Case No. C19665.172
25554) meant to improve its water resistance capabilities.
Model Name Royal Oak Perpetual Calendar
The present reference 25654ST is a must have for any Royal
Calibre Automatic, cal. 2120/2800, 38 jewels
Oak collector as it ticks many boxes that make collectors’ hearts
beat faster: it is not only part of the earlier series of perpetual
max length 195mm
calendar Royal Oak models made in only 315 pieces in steel
but it also is in absolutely stunning condition. A time capsule,
it was made in 1989 and is offered complete with winding box,
certificate of guarantee, setting pin and service papers dating
Estimate from 2016.
CHF 70,000-140,000
$74,400-149,000 The excitement doesn’t stop here, as the watch is furthermore
€67,800-136,000
accompanied by an extremely rare mother of pearl dial with blue
Accessories accents found in the full platinum models enabling the watch to
Accompanied by original guarantee, second mother of pearl dial, change appearances, going from a contemporary monochrome
service papers, additional link, key, travel box, product literature, to sleek elegance, depending on which dial is mounted.
setting pin, fitted watch winder and outer packaging. Further
accompanied by Audemars Piguet and Phillips in Association with Bacs
& Russo co-signed Royal Oak 50th Anniversary Attestation.
Literature
Reference 25654 and the caliber 2120/2800 are illustrated in Audemars
Piguet, Collector Book, Calendar Watches by Sebastian Vivas and
Michael L. Friedman, pp. 50-70 published by Audemars Piguet Heritage
Department.
Ref. 25654ST Royal Oak Perpetual Calendar
39
5. AUDEMARS PIGUET — An elegant and very rare white gold wristwatch with black dial, diamond-
set indexes, date and bracelet
Manufacturer Audemars Piguet Launched in 1977 and in production until 1985 (but still available
Year 1981 until 2002) reference 4100 is also called the Royal Oak III as it
was the third model launched after the original reference 5402
Reference No. 4100BC and reference 8638.
Movement No. 228’780
Case No. B69950.10
With a more restrained 35mm diameter, this reference was
Model Name Royal Oak
the first Royal Oak to be equipped with centre seconds, it was
Material 18K white gold
available in steel, yellow gold, white gold and two-tone versions.
Calibre Automatic, cal. 2123, 33 jewels
The majority of the models were equipped with calibre 2123, but
Bracelet/Strap 18K white gold Audemars Piguet bracelet,
some of the later creations were powered by calibre 2125 and
max length 185 mm
others by calibre 2124. From 1982 onwards, at least 96 watches
Clasp/Buckle 18K white gold Audemars Piguet deployant clasp
had their mechanical calibre replaced by the quartz calibre
2506, which was originally fitted in at least 36 watches.
Estimate While originally presented to the market in 1977, it wasn’t until

CHF 25,000-45,000 four years later in 1981 that this specific reference 4100BC
$26,600-47,900 was offered to the public. Mainly produced in stainless steel,
€24,200-43,600
yellow gold and two-tone, recent research has shown that
Accessories there are as few as 41 examples in white gold sold from 1981
Accompanied by Audemars Piguet and Phillips in Association with Bacs & to 1986 - of which 36 pieces in 1981. To put it into perspective,
Russo co-signed Royal Oak 50th Anniversary Attestation. its production was so restricted that the timepiece was not
included in any Audemars Piguet catalogue, nor photographed
for identification. The gleaming diamond-set hour marker dial
simply augments the level of rarity and complexity this subtle,
yet extremely important timepiece has to offer. With a case
numbered 010 and in incredible condition, the present ultra-
rare example is a grail that cannot be missed.
Ref. 4100BC Royal Oak
35
6. AUDEMARS PIGUET — A rare and very attractive tantalum and pink gold wristwatch with
salmon dial, date and bracelet
Manufacturer Audemars Piguet Since the debut of the Audemars Piguet Royal Oak in 1972, the
Year 2003 model has been not only the pioneer in luxury steel sports watches
but has also morphed into a collection and design language
Reference No. 15000TR catering to those looking for a casual chic timepiece, or for a
complication, or a gold diamond encrusted statement watch.
Case No. D90053.065
The present reference 15000 with its graceful 33mm diameter
Material Tantalum and 18K pink gold
is part of the many variations of this iconic model, dressed here
in an incredibly avant-garde mix of tantalum and pink gold
Bracelet/Strap Tantalum and 18K pink gold Audemars Piguet
giving the watch incredible chutzpah. The bluish tint of the
bracelet, max length 170mm
tantalum superbly contrasts with the pink gold elements and
Clasp/Buckle Tantalum Audemars Piguet deployant clasp
salmon dial, providing a winning combination.
further stamped Gay Frères
Estimate
CHF 10,000-20,000
$10,600-21,300
€9,700-19,400
Accessories
Accompanied by Audemars Piguet and Phillips in Association with Bacs
Ref. 15000TR Royal Oak
33
7. AUDEMARS PIGUET — A very rare yellow gold perpetual calendar wristwatch with champagne
dial and bracelet
Reference No. 25654BA yellow gold and 38 in platinum. It differs from its sibling for a
Movement No. 294’336 slightly thicker case thickness (8.25mm vs the 7.5mm of ref.
Case No. C61387.606
25554) meant to improve its water resistance capabilities.
While many materials and metals have been employed for
Calibre Automatic, cal 2120/2800, 38 jewels
the construction of watches - from the most mundane as
base metal or plastic, to the most exotic such as forged
max length 190mm
carbon, titanium, ceramic and so forth - there is no denying
that no material communicates power, luxury and gravitas as
unmistakably as yellow gold. Such a conclusion is apparent
when admiring the present timepiece.
Estimate
CHF 70,000-140,000 Fully constructed out of 18K gold, and with a champagne dial to
$74,400-149,000 boost, this example of ref. 25654BA is undeniably a statement
€67,800-136,000
piece like few others. It is furthermore offered in exceptional
Accessories condition, with all its edges and bevels sharp and well defined.
Accompanied by Audemars Piguet Certificate of Authenticity and Extract
de Registre confirming the sale of the present watch on January 15, 1989, The hint of oxidation present on the case on the one hand
and additional pouch. Further accompanied by Audemars Piguet and Phillips amplifies the warm glow of the luxurious metal, on the other
hand testifies how little the watch has been used.
Attestation.
The piece was last serviced in 2016, on which occasion it

received the accompanying Certificat d’Authenticité et
d’Exclusivité and it has obviously been hardly used ever since.
Ref. 25654BA Royal Oak Perpetual Calendar
39
8. AUDEMARS PIGUET — An historically important and extremely well-preserved stainless steel
wristwatch with date, bracelet, box and certificate of origin
Launched in 1972, the Audemars Piguet Royal Oak was the

world’s first stainless steel luxury sports watch with a fully
integrated bracelet. Designed overnight in response to an
urgent request for an ‘unprecedented steel watch’, it was at the
same time the most expensive stainless steel watch ever made.
The brand sought famed designer Gérald Genta, who developed
a brilliantly engineered, monoblock case, with a distinctively
maritime feel, featuring an octagonal bezel secured by eight
hexagonal, white gold screws, and a dial with tapisserie motif.
While today the Royal Oak is a legend, at the beginning it
was more than a bet, it was a true visionary revolution, the
first appearance of what is today’s most successful kind of
wristwatch: the luxury sport watch in steel.
The Royal Oak model reference 5402ST has been produced in

four different batches: A, B, C and D with small design details
that made each slightly different.
The reference 5402 remained in the Audemars Piguet

Catalogues for 25 years and was produced in 6,050 examples
over the different series.
Rarely has a timepiece had such historical importance,

relevance and influence as the Royal Oak. It created a game
changing genre and since then there has been a before and
after.
The present Royal Oak ref 5402 Series A is the earliest number
to ever grace an international auction room as it bears the
number 2 making it the second Royal Oak ever made! In fact
whereas the A series number 1 was sold in 1974, the present
example was sold in May 1972 weeks only after having been
presented.
Adding an extra element of historical relevance is the fact that

the present watch bearing number 2 was one of the four Royal
Oak models presented to the press and public at the opening of
the Basel watch fair in 1972.
Considering the skepticism the Royal Oak was met with 50

years ago due to its avant-garde, novel design and philosophy,
one can only assume that the buyer was himself a forward
thinking, risk taking individual.
The present example is truly a time capsule as since 1972 it

has remained totally unworn and comes with its full set of
accessories.
Ref. 5402ST Royal Oak A series “The A2”
8. AUDEMARS PIGUET — An historically important and extremely well-preserved stainless steel
wristwatch with date, bracelet, box and certificate of origin
Manufacturer Audemars Piguet The consignor bought a Royal Oak when it was launched and
Year 1972 more or less at the same time his brother in law, who was
then an Audemars Piguet retailer, offered him this watch as a
Reference No. 5402ST wedding gift.
Case No. 67002.A2
Fortunately the consignor put this watch away and wore the other
Model Name Royal Oak A series “The A2”
on a daily basis, a watch that 50 years later is still on his wrist.
The lowest numbered reference 5402 A series to ever come to
the market, the present watch is unpolished and unworn. The
max length 185mm
dial has started to develop a very pleasant gold copper tone on
certain areas giving it even greater panache.
further stamped Gay Frères 1.72
It is believed that the reference 5402 A series Number 1 was
sold to an “Imperial” family and the whereabouts of the watch
Estimate are now unknown. However, what is certain is that the Number 1
CHF 200,000-400,000 was worn and the present example is the lowest known number
$213,000-425,000 to appear to the market and to the best of our research, the
€194,000-387,000
only one that has remained in unworn condition, making this
Accessories specific timepiece one of the most important examples of one of
Accompanied by Audemars Piguet box, hang tag and certificate horology’s most iconic timepieces.
of origin. Further accompanied by Audemars Piguet and Phillips in
Association with Bacs & Russo co-signed Royal Oak 50th Anniversary To preserve the present watch in its untouched state, we, at
Attestation.
Phillips, decided not to open it or give it any service. The watch is
truly as it was back in 1972.
Ref. 5402ST Royal Oak A series “The A2”
39
9. AUDEMARS PIGUET — A very rare and attractive stainless steel wristwatch with
additional dial and certificate of origin made for the 30th anniversary of the Royal Oak and
part of a 50 piece limited edition
Manufacturer Audemars Piguet Made in 2003, this 39mm example was made for the 30th
Year 2003 anniversary of the Royal Oak for the Italian market, this
reference came with 2 dials (a blue and a green one), featuring
Reference No. 15128ST large Arabic numerals in a limited edition of 50.
Case No. E72941.0899
Exclusively delivered to the Italian market, the present watch
Model Name Royal Oak Anniversary Italy
displays Arabic luminous numerals with a “Grande Tapisserie”
dial and has the particularity to have been sold with two dials,
a dark blue one and the other in a very attractive and unusual
olive green. Whereas today green dials are “de rigueur “ in the
max length 195mm
early 2000, this was a daring bet.
The present watch is offered in excellent condition, it may even
never have been worn. The second blue dial is presented in a
Estimate nice metallic box that could even be displayed as decoration.
CHF 100,000-200,000
$106,000-213,000 This watch represents a rare opportunity to acquire a modern
€96,800-194,000
piece that embodies the brand’s ability to innovate and offer
Accessories future new trends like the initial reference 5402 did back in 1972.
Accompanied by a second dial, Audemars Piguet certificate of origin and
product literature. Further accompanied by Audemars Piguet and Phillips
Attestation.
Ref. 15128ST Royal Oak Anniversary Italy
39
10. AUDEMARS PIGUET — An extremely attractive limited edition platinum wristwatch with blue
Tuscan dial, date, bracelet, made to celebrate the 20th anniversary of the model
Ref. 14802PT Royal Oak "Tuscan" Jubilée
10. AUDEMARS PIGUET — An extremely attractive limited edition platinum wristwatch with blue
Tuscan dial, date, bracelet, made to celebrate the 20th anniversary of the model
Manufacturer Audemars Piguet 30 years ago, the Royal Oak was turning 20. While it was not yet
Year 2000 enjoying the current planetary success, the model was already
very well established and received so much popularity that the
Reference No. 14802PT company celebrated its first two decades of existence with a
Movement No. 414’767 limited edition issue: the present ref. 14802.
Case No. D13791
The present timepiece is the rarest iteration of that celebratory
Material Platinum
model. In fact only 20 pieces were made in platinum. Some of
them featured a blue dial with diamond indexes, some others -
Bracelet/Strap Platinum Audemars Piguet bracelet,
such as the present piece - an incommensurably attractive blue
max length 185mm
Tuscan dial. Taking aside the fact that it is a celebratory piece,
Clasp/Buckle Platinum Audemars Piguet deployant clasp
its extremely restricted production, the heft of the platinum
case and the appeal of the blue Tuscan dial would be enough to
power a collector’s wildest dreams.
Estimate
CHF 250,000-500,000 There is an important additional comment to be made about
$266,000-532,000 this piece: it is so far the one and only time-only Royal Oak to
€242,000-484,000
feature a Tuscan dial, all others are found on perpetual calendar
Accessories timepieces.
Accompanied by Audemars Piguet Extract from the Register.
Furthermore accompanied by Audemars Piguet and Phillips in
Association with Bacs & Russo co-signed Royal Oak 50th Anniversary
Attestation.
Ref. 14802PT Royal Oak "Tuscan" Jubilée
39
11. AUDEMARS PIGUET — A very attractive and colorful yellow gold wristwatch with sapphire blue
dial, diamond set bezel, diamond indexes and box
Manufacturer Audemars Piguet Initially developed as a man’s watch, this reference 56323
Year 1996 attracts thanks to its glamorous style. Entirely housed in yellow
gold and surmounted by a bezel superbly embellished with
Reference No. 56323BA diamonds that frames an intense blue dial itself enhanced with
Movement No. 409’382 diamond hour markers; this watch triggers an instant WOW
Case No. D63250.2929
effect. The intensity of the color of its dial has earned it the
Model Name Royal Oak “Yves Klein”
nickname “Yves Klein” for its resemblance to the emblematic
Material 18K yellow gold and diamonds
color of the famous French artist.
Calibre Quartz, cal. 2612, 8 jewels
In overall excellent condition this piece will delight thanks to its
max length 190mm
superbly theatrical design.
Estimate
CHF 10,000-20,000
$10,600-21,300
€9,700-19,400
Accessories
Accompanied by service invoice, fitted presentation box with key and
outer packaging. Furthermore accompanied by Audemars Piguet and
Phillips in Association with Bacs & Russo co-signed Royal Oak 50th
Anniversary Attestation.
Ref. 56323BA Royal Oak “Yves Klein”
33
12. AUDEMARS PIGUET — A very rare and eye catching stainless steel wristwatch with red dial,
certificate and presentation box
Manufacturer Audemars Piguet Reference 14790 was in production from 1992 to 2005. Housing
Year 2002 the automatic caliber 2125 and 2225 it remained the central
model in the Royal Oak collection until it was replaced by
Reference No. 14790ST reference 15300.
Movement No. 536’183 The model can be divided into 3 series
Case No. E81713.7829
1st Series (1992): the dial features a vintage style Audemars
Piguet signature with a flat A, “Petite Tapisserie” dial and long
indexes
2nd Series (1993-2000): the Audemars Piguet signature is
enlarged and features a pointed top A, “Petite Tapisserie” dial
max length 170mm
and long indexes
3rd Series (2000-2005): the Audemars Piguet signature
is similar to the 2nd Series but the dial features “Grande
Tapisserie” motif and short indexes.
Estimate
CHF 30,000-60,000 A representative of the 3rd Series, the present piece is
$31,900-63,800 obviously distinguished by its extremely attractive red dial. In
€29,000-58,100
fact, a restricted number of watches were fitted with brightly
Accessories colored dials. It goes without saying that their carefree modern
Accompanied by Audemars Piguet Certificate of Origin stamped looks coupled with their absolute scarcity propelled any such
Parisi Gioielli “Orotime” Taranto, hang-tag, wooden box and fitted piece to the pinnacle of Royal Oak collecting. For the joy of the
presentation box. Further accompanied by Audemars Piguet and most demanding collector, Phillips is proud to be able to offer
an example of each of the three colors produced: red, blue and
yellow making this a virtually unique occasion to be able to
create from scratch a mind-blowing 3-watches collection.
Ref. 14790ST Royal Oak
36
13. AUDEMARS PIGUET — A rare stainless steel perpetual calendar wristwatch with moonphases,
equation of time, additional outer ring, original guarantee and box
Manufacturer Audemars Piguet The equation of time indicates the difference between civilian
Year 2012 time and true solar time. For convenience, a day is divided in 24
hours however due to the earth’s elliptical path around the sun
Reference No. 26603ST as well as its tilted rotation axis, a day is not exactly 24 hours and
Movement No. 825’226 depending on the season can be longer or shorter than 24 hours.
Case No. H35785.0070
Model Name Royal Oak Equation of Time
The blue equation of time hand indicates the true solar time
Material Stainless Steel
on an inner ring graduated from –15 minutes to +15 minutes.
Nonetheless, the mean solar culmination point depends on the
wearer’s exact location, on the longitude of a given place on
max length 180mm
the globe. The equation of time read-off system developed by
Audemars Piguet takes account of this specific place.
The present Royal Oak is calibrated for Geneva (as indicated on
Estimate the inner ring) and the time of the solar zenith is indicated next to
CHF 60,000-120,000 the city (here 12h36).
$63,800-128,000
€58,100-116,000
Other than the traditional calendar indication, the present
Accessories example also indicates the times of sunrise and sunset in the
Accompanied by Audemars Piguet Warranty, Authentication and owner’s desired city indicated via two subdials at 3 and 9 o’clock.
Register certificate, additional strap, key, additional outer ring, service
papers and outer packaging. Further accompanied by Audemars Piguet The equation of time mechanism and inner city ring can be easily
and Phillips in Association with Bacs & Russo co-signed Royal Oak 50th
changed by Audemars Piguet to reflect the city of choice of the
new owner.
In the early 2000s, Audemars Piguet was the first brand to In absolutely appealing condition, it is interesting to note that
integrate in a wristwatch not only a perpetual calendar but an whereas the day and month indications are in English, the city
equation of time (based on the wearer’s city of choice) as well as name Geneva is spelt in Italian: Ginevra. Furthermore, the watch
time of sunset and sunrise. originally came on a leather strap and the owner had a steel
bracelet added.
Ref. 26603ST Royal Oak Equation of Time
41
14. AUDEMARS PIGUET — A very attractive and elegant platinum limited edition wristwatch with
box, number 75 of a 75-piece limited edition made to commemorate the 10th anniversary of Audemars
Piguet Italy with box
Manufacturer Audemars Piguet It is well-known that Italy was historically a watch market of
Year 2006 paramount importance. The abundance of double signed
pieces dating back to the middle of the past century is a direct
Reference No. 15310PT testament to that, and the present limited edition model is an
Movement No. 624’540 indirect one.
Case No. F62807.75/75
Model Name Royal Oak “10 ans AP Italia”
While it is known for watch brands to commemorate their
Material Platinum
relationship with a retailer through the release of limited
edition pieces, it is quite uncommon to celebrate in this way the
Bracelet/Strap Alligator
presence of a brand’s subsidiary in a country. However, this is
exactly what this watch celebrates. Made in a very restriction
series of 75 examples in 2006, the watch celebrates the first
decade of existence of Audemars Piguet Italy.
Estimate
CHF 40,000-80,000 ∑ The very last example produced - bearing number 75/75 to the
$42,500-85,100 back - the piece is offered in absolutely stellar condition. The
€38,700-77,400
lack of signs of wear to the case, the crispness of the edges, and
Accessories
the absence of use marks even to the bracelet strongly imply
Accompanied by Audemars Piguet Extract from the Register, copy that the watch was hardly ever used.
of the Certificate of Origin, box with outer packaging and product
literature. Further accompanied by Audemars Piguet and Phillips in
Attestation.
Ref. 15310PT Royal Oak “10 ans AP Italia”
39
15. AUDEMARS PIGUET — A superbly rare and incredibly attractive platinum perpetual calendar
wristwatch with openworked dial, moonphases, bracelet and box
Manufacturer Audemars Piguet Bearing a C serial number, this rare platinum ref. 25636PT is one
Year 1991 of the earliest variants to feature an openworked dial exposing
the magical wonders of the perpetual calendar mechanism.
Reference No. 25636PT Featuring midnight blue graphics, the dial includes the traditional
Movement No. 324’268 indications of a perpetual calendar: day, date, astronomical moon
Case No. C84188.0024
(with graduation for age of the moon) and month: the leap-year
indication is missing. Indeed, such early generation models were
Material Platinum
bare of a leap-year indication, as it happens on most “old school”
perpetual calendar wristwatches, an indication that would later
Bracelet/Strap Platinum Audemars Piguet bracelet further stamped
been introduced on all subsequent Royal Oak perpetual calendar
Gay Frères, max length 190mm
models by the mid-1990s.
Written at six o’clock is the “Audemars Piguet” signature in small
lettering. Referred to as a Mk 1 dial, this small signature can only
Estimate be found on the earlier examples of the reference 25636. The
CHF 200,000-400,000 manufacture would later adopt a modern signature style with a
$213,000-425,000 bigger “A” and “P” commonly found on watches today.
€194,000-387,000
Accessories Usually more susceptible to wear than stainless steel, the

Accompanied by Audemars Piguet Extract from the Register confirming present 25636 in platinum is extremely well-preserved, retaining
sale of the watch on March 26, 1991, box and outer packaging. Further all its original lines, crisp hallmarks and shape. Adding to its
accompanied by Audemars Piguet and Phillips in Association with Bacs collectability, the watch is further accompanied by its original
bracelet, featuring the hallmark of the renowned bracelet maker
Gay Frères.
Following the presentation of its first perpetual calendar Royal The combination of sublime technical execution and
Oak model in 1984, Audemars Piguet followed up with an unmistakable looks has over time led the collector community to
openworked version in 1986 including a sapphire caseback. consecrate this model as one of the most interesting, attractive
Reference 25636 was in production until 1997 and made in 60 and collectible complicated Royal Oak executions.
pieces in steel, 156 pieces in yellow gold, 6 pieces in pink gold, 41
pieces in platinum, 24 pieces in pink gold and platinum, and 25 The present piece will impress its beholder with its elegance,
pieces in steel and platinum, for a total of 312 examples. rarity, heft and excellent condition.
Ref. 25636PT Royal Oak Perpetual Calendar
39
16. AUDEMARS PIGUET — A fine and rare titanium chronograph wristwatch with date, bracelet and
certificate, part of a 300 pieces limited edition
Manufacturer Audemars Piguet Whereas the Royal Oak was born as a leisure/chic steel watch
Year 2000 it wasn’t until the 25th anniversary of the model in 1997 that a
chronograph complication was added to the catalogue, housing
Reference No. 25860IS the automatic caliber Calibre 2385.Reference 25860 was in
Movement No. 485’098 production until 2012.
Case No. E29119
Model Name Royal Oak “City of Sails Be Happy”
As a commemoration of the first Swiss challenger to the
Material Titanium
America’s Cup in Auckland, New Zealand, Audemars Piguet
launched a limited edition Royal Oak City of Sails, Be Happy
edition in 1999.The chronograph is limited to 300 pieces and
max length 170mm
is constructed of titanium, a sturdy but difficult to work with
metal that is light and easy to wear. The dial has a clear and
unique flair, displaying a deep blue tapisserie background,
reminiscent of the blue oceanic tones and light blue skies.
Estimate Furthermore, the dial also showcases yellow splashes of color
CHF 30,000-60,000 for the hour, minutes and chrono hands reminiscing of those
$31,900-63,800 sunny summer days. The date aperture is interestingly placed
€29,000-58,100
between 4 and 5 o’clock. The rear of the case is inscribed
Accessories with the phrase “City of Sails,” a nickname for Auckland, New
Accompanied by Audemars Piguet Certificate of Authenticity. Further Zealand, which is recognized for its maritime heritage. The
accompanied by Audemars Piguet and Phillips in Association with Bacs lightness and sturdiness of the case and bracelet enable the
& Russo co-signed Royal Oak 50th Anniversary Attestation. timepiece to deliver a comfortable and unique feel to the wrist.
Ref. 25860IS Royal Oak “City of Sails Be Happy”
39
17. AUDEMARS PIGUET — An extremely rare and elusive platinum perpetual calendar wristwatch
with moonphases, mother of pearl dial, sapphire caseback and original certificate booklet
Manufacturer Audemars Piguet A new perpetual calendar reference made from 1990-1998,
Year 1994 reference 25686 was made in 92 pieces in steel, 70 pieces in
yellow gold, 18 pieces in pink gold, 31 pieces in platinum, 25
Reference No. 25686PT pieces in platinum and pink gold, 37 in pink gold and platinum,
Movement No. 374’104 26 pieces in steel and platinum for a total of 299 watches.
Case No. D34720.20
Sometimes a timepiece can substantiate the concept of irony.
Material Platinum
Think how much effort, time and capital watch companies have
put into developing the most advanced technical materials
to employ on dials for the most intriguing aesthetic results. A
max length 195mm
short list would comprise of enamels (of many different kinds),
forged carbon, ceramic and even aeronautic-derived materials.
And yet one of the most natural materials of all - mother-
of-pearl - still arguably surpasses this array of technologies
Estimate in beauty and refinement, as is obvious by glancing at this
CHF 100,000-200,000 timepiece. One could easily loose oneself in the countless
$106,000-213,000 shimmering refractions of this dial.
€96,800-194,000
Accessories That said, the fact that mother-of-pearl is a natural material

Accompanied by Audemars Piguet Certificat d’Origine et de Garantie. does not mean it is easy to work with. Not only does one have to
Further accompanied by Audemars Piguet and Phillips in Association source appropriately large discs, the production process itself
with Bacs & Russo co-signed Royal Oak 50th Anniversary Attestation. is extremely difficult, and made even more so by the sunken
subsidiary dials. It is not surprising that such a demanding - and
thus costly - dial was produced in extremely limited quantities and
employed only, in the case of this reference, for the most exclusive
case metal: platinum. In fact, according to Audemars Piguet, 31
examples of reference 25686PT with mother-of-pearl dial were
ever produced, a truly limited number for privileged clients.
39
18. AUDEMARS PIGUET — A fine and attractive stainless steel and tantalum wristwatch with grey
dial, date and bracelet
Manufacturer Audemars Piguet Immediately recognisable by the “Championship” engraving

Year 1991 to the back, the Royal Oak Championship ref. 56175TT was
released in 1990 to commemorate Sir Nick Faldo’s back-to-back
Reference No. 56175TT Masters and British Open victories.
Case No. D5055.002
While extremely attractive thanks to the subtle shift in nuances
Model Name Royal Oak Championship
granted by the two-tone steel and tantalum case, the model is
Material Stainless steel and tantalum
notable from an historical point of view as it is the first example
Calibre Quartz, cal 2612, 8 jewels
of this metal combination on a Royal Oak. Earlier watches
Bracelet/Strap Stainless steel and tantalum Audemars Piguet
in tantalum and pink gold are known, but this is the first
appearance of the steel/tantalum combination.
Estimate
CHF 8,000-16,000
$8,500-17,000
€7,700-15,500
Accessories
Accompanied by Audemars Piguet wooden presentation box. Further
Ref. 56175TT Royal Oak Championship
33
19. AUDEMARS PIGUET — A very attractive stainless steel calendar wristwatch with cream dial
retailed by Tiffany & Co.
Manufacturer Audemars Piguet Following the footsteps of the perpetual calendar model,
Year 1984 Audemars Piguet introduced reference 25572 as a medium
complication day/date in 1983. The reference remained in
Reference No. 25572ST production until 1998. A total of 1770 examples were made, 576
Movement No. 269’192 in steel, 524 in yellow gold, 654 in steel and yellow gold and 16
Case No. B96980.257
in white gold.
Model Name Royal Oak “Tiffany & Co”
The day and date disks are showcased in two different sub-dials
elegantly arranged in the mid section of the dial, respectively
on the 3 and 9 hour positions. This configuration renders the
max length 170mm
dial clean and well-balanced, making it extremely appealing and
Clasp/Buckle Stainless steel Audemars Piguet deployand clasp
appreciated amongst collectors.
Originally white, the dial of the present example has developed
Estimate a warm patina tending to the cream/off-white color.
CHF 20,000-40,000
$21,300-42,500 Adding an extra element of appeal and rarity is the Tiffany & Co.
€19,400-38,700
signature right below the brand name. Research shows in fact
Accessories that this timepiece dates back to 1984 and was delivered and
Accompanied by Audemars Piguet and Phillips in Association with Bacs sold in the United States.
Extremely elegant and sought-after, collectors in recent times
have been striving to get their hands on early and interesting
Royal Oaks, and this is with no doubt a hidden gem.
Ref. 25572ST Royal Oak “Tiffany & Co.”
36
20. AUDEMARS PIGUET — A fine and attractive stainless steel perpetual calendar wristwatch with
silver dial, moonphases, leap year indication, bracelet, warranty and presentation box
Manufacturer Audemars Piguet A new Royal Oak perpetual calendar model featuring this time
Year 2006 a leap year indicator, reference 25820 was launched in 1996
and in production until 2013, 628 pieces in steel, 107 pieces in
Reference No. 25820ST yellow gold, 74 pieces in platinum, 11 in pink gold, 378 in steel
Movement No. 549’490 and platinum, 15 in tantalum and yellow gold, 9 in tantalum and
Case No. F38155.0582
platinum, and 13 in tantalum and pink gold for a total of 1235
examples.
The core concept of the Royal Oak, at its inception, was as
simple as it was groundbreaking: a luxury steel watch. That is
max length 180mm
the cornerstone idea of the entire collection, and this example
of reference 25820 is the modern complicated interpretation of
such an idea. Incredibly light and absolutely sporty in feel and
vibe, it features the iconic Royal Oak “tapisserie” dial. Obviously,
Estimate the fact that it is a perpetual calendar wristwatch elevates its
CHF 60,000-120,000 complexity, rarity and collectability. It is remarkable how the
$63,800-128,000 brand managed to render such a complicated piece with such
€58,100-116,000
an eminently wearable and sporty feel, and it is because of this
Accessories that it can be said this watch truly encapsulates the “spiritual
Accompanied by Audemars Piguet Warranty, Authentication and values” of the Royal Oak collection.
Register Certificate dated 28th March 2006, instruction manual, pouch
and self-winding box. Further accompanied by Audemars Piguet and
39
21. AUDEMARS PIGUET — A very attractive and unique stainless steel and platinum perpetual
calendar wristwatch with openworked dial, bracelet and box, numbered 1/1
Manufacturer Audemars Piguet Same as reference 25820 but in an openwork version, reference
Year 2006 25829 was produced for the same period (1996-2013) and made
in 371 pieces in steel, 102 pieces in yellow gold, 174 in pink gold,
Reference No. 25829SP 156 in platinum, 25 in steel and platinum plus another one made
Movement No. 405’668 in 2006, 15 pieces in tantalum and yellow gold, 16 in tantalum
Case No. F45254.279 Further engraved Marcus 1/1
and platinum, and 16 in tantalum and pink gold.
Material Stainless steel and platinum
This series has the particularity of presenting this reference in
bi-material, steel and platinum. The bezel and the center links
Bracelet/Strap Stainless steel and platinum Audemars Piguet
are in polished platinum while the rest of the case and the links
are in brushed steel which gives a very subtle and precious
look to this timepiece and which differentiates it from the
other reference 25829 whose bezel was always brushed. The
minute detail might seem trivial on paper, but in the metal, it
Estimate dramatically transfigures the overall look of the timepiece.
CHF 120,000-240,000
$128,000-255,000 The present watch is actually from 2006. Research shows that
€116,000-232,000
eight years after its initial production, Audemars Piguet agreed
Accessories to redo a unique piece, identical to the production of 97-98 for
Accompanied by Audemars Piguet box with outer packaging and a major client of the house. The caseback is therefore further
hang tag. Further accompanied by Audemars Piguet and Phillips in engraved 1/1.
Attestation.
Ref. 25829SP Royal Oak Perpetual Calendar
39
22. AUDEMARS PIGUET — A rare and most probably unpolished stainless steel wristwatch with
salmon dial, certificate of origin and matching numbered box, part of a limited edition made to
celebrate the 20th anniversary of the model
Manufacturer Audemars Piguet variations), along with 20 in platinum (with 2 dial variations).
Year 1994 Ref. 14802 introduced the first salmon pink dials as well as
Reference No. 14802ST record of how many of these special dials were produced. In
Movement No. 399’876 addition, a sapphire caseback revealed Calibre 2121 and most
Case No. D40529.836
Of the 691 examples of this reference released in stainless steel,
only a few were fitted with the rare, resplendent salmon dial
max length 195mm
that has become in the intervening decades overwhelmingly
desirable to collectors.
A time capsule, the present watch is distinguished by its
Estimate most probably unpolished condition. All contrasting polished
CHF 100,000-200,000 and brushed finishes remain intact, and show how a “factory
$106,000-213,000 spec” reference 14802 looked like when it left the factory.
€96,800-194,000
The salmon dial remains vibrant with barely any sign of aging
Accessories - Audemars Piguet has even taken inspiration from this very
Accompanied by Certificate of Origin, additional Certificat D’Origine, model in its contemporary catalog with the reference 15202BC.
product literature, fitted presentation box with outer packaging.Further Furthermore, all original accessories are present - even the
accompanied by Audemars Piguet and Phillips in Association with Bacs original certificate and numbered box, indicating that the
present watch is part of the Jubilée series.
Salmon dials in particular are rarely offered in the contemporary

The reference 14802 saw the rebirth of the 39mm “Jumbo” Audemars Piguet menu, and with less than 300 pieces ever
Royal Oak for the 20th anniversary of the Royal Oak. Sold produced, this is an extremely rare opportunity to obtain an
between 1992 and 2002, 691 examples were produced in extremely low production and absolutely gorgeous timepiece,
steel (with 2 dial variations), 286 in yellow gold (with 4 dial perfect for the discerning collector.
Ref. 14802ST Royal Oak Jubilée
39
23. AUDEMARS PIGUET — A fine and attractive stainless steel limited edition wristwatch with date
commissioned by Jean Todt
Manufacturer Audemars Piguet The present Royal Oak may seem understated with its steel
Year 2004 case, white dial and leather strap but turn the watch over and
any petrol head will skip a heart beat.
Reference No. 15189ST The reference was initially made as a limited edition of 1300
Movement No. 559’383 pieces for Banque Pictet and one piece was specially made for
Case No. F04300.9841 Caseback further engraved
Jean Todt with a special engraving at the back that is properly
“Buon Compleanno Siamo Campioni del Mondo!”
documented on Audemars Piguet archives.
Con Affetto Jean Todt 31.08.04
Model Name Royal Oak “Campioni del Mondo”
The caseback is engraved “Buon Compleanno Siamo Campioni
del Mondo! Con Affetto Jean Todt 31.08.04” which translates
from Italian to Happy Birthday We are World Champions. With
Love Jean Todt.
Jean Todt was the General Manager of Scuderia Ferrari Formula
1 Racing Team from 1994 to 2005 and we strongly believe the
Estimate watch was offered to Luca di Montezemolo the Chairman of
CHF 10,000-20,000 ∑ Ferrari at the time for the latter’s 57th birthday in 2004.
$10,600-21,300
€9,700-19,400
Under the aegis of Todt and Montezemolo, Scuderia Ferrari
Accessories reached Himalayan peaks: the 2004 F1 Championship
Accompanied by Audemars Piguet and Phillips in Association with Bacs was dominated by Michael Schumacher and Ferrari, with
& Russo co-signed Royal Oak 50th Anniversary Attestation. Schumacher winning the Drivers’ Championship for the seventh
and last time. Schumacher’s teammate Rubens Barrichello
finished the championship second, with Ferrari winning the
Constructors’ Championship for a record 14th time.
Ref. 15189ST Royal Oak “Campioni del Mondo”
36
24. AUDEMARS PIGUET — An important, impressive and the only known of its kind yellow gold
perpetual calendar wristwatch with blue “Tuscan” dial, gilt graphics and bracelet
Manufacturer Audemars Piguet As with all rules, there are exceptions, and this watch is the
Year 1992 exception that proves the rule. According to scholarship, Tuscan
dials were not mounted on yellow gold watches. However
Reference No. 25654BA Tuscan dials were not decorated with golden script either. And
Movement No. 354’636 yet, this watch exists. According to our research, Audemars
Case No. D12781.786
Piguet archives contain a mention of a yellow gold “Tuscan” dial
that was most certainly fitted in the present watch.
This superb finish, nicknamed “Tuscan”, is made by hand by
hammering the surface which gives it an irregular but above all
max length 190mm
unique rendering since no dial is the same. The fine and delicate
ridges on the dial catch the light perfectly and can change in
tone pending on the angle.
Estimate Presented on a perpetual calendar in yellow gold, this dial is

CHF 100,000-200,000 complemented by gilt script, indexes and hands, making this
$106,000-213,000 combination breathtaking and most importantly so far unique,
€96,800-194,000
as no other example is known from the market. This piece alone
Accessories represents the greatest know-hows of Audemars Piguet on its
Accompanied by Audemars Piguet Extract of Archives dated June iconic model.
26, 1992. Further accompanied by Audemars Piguet and Phillips in
Attestation.
39
25. AUDEMARS PIGUET — An extremely rare and attractive white gold wristwatch with day and date
indication, moon phases, diamond-set bezel and black dial
Manufacturer Audemars Piguet One of the rarest of Royal Oak models reference 25595 was in
Year 1986 production for 3 short years between 1984 and 1987 with only 5
pieces ever made, 3 in yellow gold, 2 in white gold.
Reference No. 25595BC
Movement No. 269’655 The present white gold Royal Oak is a phenomenally rare
Case No. B87868.22
reference 25595BC which graces the auction market once in
Model Name Royal Oak Day Date
a blue moon and a model very few have had the pleasure of
actually seeing.
Audemars Piguet’s Royal Oak does not need an introduction.
max length 175mm
With its launch in 1972 Audemars Piguet created one of the
most iconic and classic wristwatches of the late 20th century
and a benchmark for what the luxury sports watch should be.
Sold originally in Singapore in the 80’s the present 25595BC is a
Estimate true work of elegance and beauty. At 36mm diameter the watch
CHF 30,000-60,000 presents a beautiful black tapisserie dial with stylish diamond
$31,900-63,800 set hour markers as well a refined diamond-set bezel.
€29,000-58,100
Accessories Crafted out of solid 18-karat gold, its luxurious heft is dramatic,
Accompanied by Audemars Piguet and Phillips in Association with Bacs especially when compared to other regular productions of
& Russo co-signed Royal Oak 50th Anniversary Attestation. stainless steel versions. The present ultra-rare example is in
absolutely spectacular condition. To further add to the rarity
of this timepiece recent research shows that only two pieces in
this configuration in white gold where ever made making it one
of the most underrated and undiscovered variants of the Royal
Oak to ever appear on the market.
Ref. 25595BC Royal Oak Day Date
36
26. AUDEMARS PIGUET — An extremely rare and attractive white gold wristwatch with light grey
dial, date, bracelet, original documents and box
Manufacturer Audemars Piguet Reference 4332 (later 14332) is the second mid-size Royal
Year 1984 Oak produced by the company. Launched in 1980, it succeeds
reference 4100 launched in 1978. Reference 4332 mainly differs
Reference No. 14332BC from its predecessor by the introduction of the screw-down
Movement No. 279’497 crown. It was in production until 1996.
Case No. C4650.021
Not only is this timepiece one of the earliest examples of the
reference (indeed it features the 4-digit reference, employed
only in the early 1980s before switching to a 5-digits system
with the addition of “1” as first digit) it also is one of the most
max length 205mm
fabulously scarce examples of the model.
According to Audemars Piguet archives, only 20 examples in
white gold of the model were ever produced: a truly exclusive
Estimate number for the selected few.
CHF 50,000-100,000
$53,200-106,000
€48,400-96,800
Accessories
Accompanied by Audemars Piguet Certificate of Origin, Extract from Register,
original purchase receipt, box and outer packaging. Further accompanied
by Audemars Piguet and Phillips in Association with Bacs & Russo co-signed
Royal Oak 50th Anniversary Attestation.
36
27. AUDEMARS PIGUET — A unique and mesmerizing stainless steel perpetual calendar, minute
repeating, split-seconds chronograph Grande Complication wristwatch with moonphases, box,
guarantee and extract bearing N0. 1
This “Grande Complication” is without a doubt one of the

most accomplished achievements of the company in the realm
of Royal Oak timepieces. Uniting in the same sporty Royal
Oak case three refined complications - a minute repeater,
a perpetual calendar and a chronograph, split-second
nonetheless - the watch can be considered a true “summa” of
Audemars Piguet’s technical proficiency as well as the ultimate
paragon of their definition of sport luxury.
Since their earliest beginning - which occur on pocket watches

for obvious space reasons - Grande Complication timepieces
have been produced - usually as a Pièce Unique or extremely
limited series - by the most technically proficient brands to
prove their horological savoir-faire. A Grande Complication
piece usually includes a chiming, a calendar and a timing
complication: given the astounding cost and difficulty involved
with such movements, they were either special commission
orders or the equivalent of what is today called a “marketing
stunt”.
A number of different factors - such as the advancements

of technology, and the 1990s rediscovery of mechanical
watchmaking - prompted over time Grande Complication
timepieces to start making their appearance on the wrist of
collectors rather than in their pocket. Still, the challenges and
costs involved with the realization of such watches mean that
their rarity is paramount even in modern times.
While creating a Grande Complication piece is a daunting

challenge in any case, the genius and folly of this instance -
which, from a certain point of view, represents the ultimate
elevation of the concept of luxury sport horology introduced
in 1972 - is to incorporate such an elevated movement in
a stainless steel sport watch. Beyond being conceptually
groundbreaking, such a project involves remarkable technical
challenges. A scholarly treaty could be written about the
modifications to the original Royal Oak design required to make
it viable for such a complicated calibre. This concept would have
been beyond visionary only a few decades ago and even in 2012,
when this watch was made, it was an expression of remarkable
bravery on part of the company, considered that the explosion
of the sports watch market was still below the horizon.
Ref. 25865ST Royal Oak Grande Complication
27. AUDEMARS PIGUET — A unique and mesmerizing stainless steel perpetual calendar, minute
repeating, split-seconds chronograph Grande Complication wristwatch with moonphases, box,
guarantee and extract bearing N0. 1
Manufacturer Audemars Piguet As mentioned, Grande Complication timepieces are usually

Year 2012 made as Pièce Unique or in extremely limited series. As the
number 1/1 on the caseback proclaims, this watch falls in the
Reference No. 25865ST former category. The calibre 2885 giving life to this model is an
Movement No. 791’905 absolute masterpiece of horology, both for its architecture and
Case No. H71336.1
for its finish as well. It features an impressive 648 components,
Model Name Royal Oak Grande Complication
hand-finished by a single master watchmaker who needs about
a year to complete the task.
Bracelet/Strap Stainless Steel Audemars Piguet bracelet,
The pinnacle of watchmaking prowess, a Grand Complication is
max length 180mm
a timepiece that very few makers have mastered well enough to
Clasp/Buckle Stainless Steel Audemars Piguet deployant clasp
ever offer on the market. The present piece is a powerful example
of Audemars Piguet’s watchmaking dexterity, the ultimate
expression of the ethos of the Royal Oak line, an absolute
Estimate masterpiece of horological art and a champion of exclusivity.
CHF 250,000-500,000
$266,000-532,000
€242,000-484,000
Accessories
Accompanied by Audemars Piguet warranty, Certificate of Authenticity
booklet confirming the year of production to July 05, 2012, additional
stainless steel deployant clasp, suede pouch, stud for bracelet
attachment, winding presentation box and outer packaging. Further
Ref. 25865ST Royal Oak Grande Complication
44
28. AUDEMARS PIGUET — An early and stunning white gold and diamond wristwatch with diamond
pave dial and emerald markers
Manufacturer Audemars Piguet Reference 14544 is a gemset variant of reference 14486

Year 1990 housing the automatic caliber 2131 and made in around 102
pieces from 1988-1992.
Movement No. 321’767 Lavish, dazzling, and utterly spectacular, this reference
Case No. C68031.26
14544BC is festooned with emeralds and diamonds on the
dial. This version is particularly rare due to the baguette
Material 18K white gold, diamonds and emeralds
emeralds on the dial, which brings another level of glamour
and exclusivity to the piece. To the best of our knowledge,
this is the first time this specific dial configuration has
max length 180mm
appeared on the international auction market. A very early
piece, the watch itself is preserved in wonderful condition,
with all hallmarks and numbers crisp and visible on the
case back. The bracelet barely shows any signs of wear and
Estimate remains rigid and right. Vintage Audemars Piguet pieces
CHF 50,000-100,000 are highly sensitive to polishing, yet this piece remains in
$53,200-106,000 excellent condition as the lug holes are a sizable difference
€48,400-96,800
from the bevels on the case. Vintage Audemars Piguet
Accessories timepieces in white precious metal are extremely rare,
Accompanied by Audemars Piguet Extrait de Registre dated March 02, and this piece is a testament to the manufacturer’s design
2021 and service papers. Further accompanied by Audemars Piguet ingenuity.
36
29. AUDEMARS PIGUET — A very attractive stainless steel chronograph wristwatch with tropical dial,
date, bracelet , original papers and box
Manufacturer Audemars Piguet Tropical dials can be appreciated both for their looks, and for
Year 2004 their irony as well. What was a defective dial evolved to the
point of being more collectible than the same dial without the
Reference No. 25860ST aforementioned “defect”. Basically, it is serendipity at its apex.
Case No. E95691, 6517
While some brands have a number of watches on which
Model Name Royal Oak Chronograph “Kasparov”
tropicalization is known to occur (Rolex is an example above
all, with tropical dials found on early Submariners, GMTs and
Milgauss as well as modern 116520), this occurrence is much
more uncommon for Audemars Piguet. Not only is the number
max length 195mm
of references which are known to tropicalize much smaller - the
best known examples are ref. 5402, ref. 15002 and “The Beast”
25721 - but also the number of examples that do tropicalize
would appear to be, judging by historical result, very much
Estimate restricted.
CHF 30,000-60,000
$31,900-63,800 The present example of ref. 25860 is already a representative
€29,000-58,100
of this rarefied category - and thus supremely collectible - but
Accessories it can be furthermore considered as the most uncommon
Accompanied by Audemars Piguet undated Certificate of Origin topicalization to be found on Audemars Piguet pieces. While
stamped Watch Connexion - Bristol Costa Mesa, instruction for usually - such as in all the examples provided above - the
use booklet, outer packaging and fitted presentation box. Further original dial color is black and it tends to change to chocolate,
in this instance the original dial color was white and it has
now achieved an incredibly attractive light mustard/chestnut
hue hardly ever seen on Audemars Piguet pieces. Finally, it is
important to note how the tropicalization is absolutely even, as
if it was the original dial color.
Ref. 25860ST Royal Oak Chronograph “Kasparov”
39
30. AUDEMARS PIGUET — A bedazzling and extremely rare stainless steel tourbillon wristwatch with
blue dial and original guarantee, number 1 of a limited edition of 25 pieces
Presented in 1997, the Royal Oak Tourbillon reference 25831

was made for the Royal Oak’s 25th anniversary as a limited
edition of 25 pieces in steel, 5 in yellow gold, 5 in white gold, 5
in pink gold, 5 in platinum and a unique two tone pink and white
gold model. It is also the only Royal Oak that does not have a
crown placed on the caseband.
The Royal Oak has always been an experimentation laboratory

for Audemars Piguet. Wishing to continuously push the
boundaries both technically and also of what was considered
the “norm” at the time, Audemars Piguet first merged the
casual/chic design of the Royal Oak with a complication only
seen in dress watches at the time - the perpetual calendar. This
was followed in 1997 with another first: a Royal Oak tourbillon
made in celebration of the 25th anniversary of the Royal Oak.
The present example in stainless steel bears number 1, the

watch features a power reserve indicator on the left side of the
dial and a date indication on the right. The sense of details has
been pushed to the nth degree as the “frame” of the tourbillon
is not only in the shape of the Royal Oak bezel but it also
features the signature screws!
Ref. 25831ST Royal Oak Tourbillon
30. AUDEMARS PIGUET — A bedazzling and extremely rare stainless steel tourbillon wristwatch with
blue dial and original guarantee, number 1 of a limited edition of 25 pieces
Manufacturer Audemars Piguet Not only visually arresting, this piece also houses the automatic
Year 1997 caliber 2875 which is a feat of technical engineering. Wishing
to have an automatic movement yet with slim dimensions, the
Reference No. 25831ST
watchmakers at Audemars Piguet opted for a bumper winding
system which did away with a rotor and thus reduced the
Case No. D92154.1
thickness of the movement with the crown placed on the back.
Model Name Royal Oak Tourbillon
The present stainless steel version comes with a blue dial that
is usually seen on the platinum examples, however we believe
that considering that the present piece is number 1, the original
max length 195mm
owner may have requested a dial swap upon purchase.
In excellent condition, the present Royal Oak tourbillon is a
piece of horological history.
Estimate
CHF 120,000-240,000
$128,000-255,000
€116,000-232,000
Accessories
Accompanied by Audemars Piguet Certificate of Origin and letter from
Audemars Piguet Italia. Further accompanied by Audemars Piguet
40
31. AUDEMARS PIGUET — A very appealing yellow gold wristwatch with date, certificate of origin
and original box
Reference No. 4100BA and reference 8638.
Case No. B73527.1984
max length 195mm
had their mechanical calibre replaced by the quartz calibre
2506, which was originally fitted in at least 36 watches.
Estimate Preserved in excellent overall condition, the present 4100BA

CHF 20,000-40,000 has presence on the wrist despite its 35mm case. Packaged
$21,300-42,500 in an entirely new category of “luxury sport”, the timepiece
€19,400-38,700
has inspired a new wave of collectors of “smaller” cases such
Accessories as Patek Philippe with its 3800. The delightful grey tapisserie
Accompanied by Audemars Piguet Certificate of Origin dated 9 Apr. dial contrasts elegantly against the warmer yellow tone of the
1983, Certificate of guarantee for a service made in 1998, product case, bracelet and indexes rendering the timepiece extremely
literature, green leather wallet and original box. Further accompanied attractive and capable of being dressed up or down according to
by Audemars Piguet and Phillips in Association with Bacs & Russo co-
the situation.
signed Royal Oak 50th Anniversary Attestation.
Ref. 4100BA Royal Oak
35
32. AUDEMARS PIGUET — An early and well preserved stainless steel wristwatch with date, original
box and guarantee
Manufacturer Audemars Piguet The brand sought famed designer Gérald Genta, who developed
Year 1974 a brilliantly engineered, monobloc case, with a distinctively
maritime feel, featuring an octagonal bezel secured by eight
Reference No. 5402ST hexagonal, white gold screws, and a dial with tapisserie motif.
Movement No. 138’684 While today the Royal Oak is a legend, at the beginning it
Case No. 80468.A1468
Model Name Royal Oak “A Series”
wristwatch: the luxury sports watch in steel.
max length 195mm
Estimate catalogues for 25 years and was produced in 6,050 examples
CHF 70,000-140,000 over the different series.
$74,400-149,000
€67,800-136,000
Reference 5402 represents the birth of a legend: it is a
Accessories timepiece whose echo is still very much felt today not only in
Accompanied by Audemars Piguet original box, original guarantee the Audemars Piguet production, but in the watchmaking world
dated 18.4.1975 and product literature. Further accompanied by at large. Simply put, one cannot design a steel sports watch
Audemars Piguet and Phillips in Association with Bacs & Russo co- without drawing a comparison with this model.
When putting together this sale, we managed to source some

incredible examples of the reference - early serial numbers, no
Launched in 1972, the Audemars Piguet Royal Oak was the number examples, double-signed pieces…. - but we felt obliged to
world’s first stainless steel luxury sports watch with a fully offer also a standard, wearable example of the A series production,
integrated bracelet. Designed overnight in response to an complete with its original box and certificate. In our opinion,
urgent request for an ‘unprecedented steel watch’, it was at the this watch represents the purest incarnation - unadulterated by
same time the most expensive stainless steel watch ever made. additional rare traits - of the mythical reference.
Ref. 5402ST Royal Oak “A Series”
39
33. AUDEMARS PIGUET — An extremely rare and superb tantalum and platinum perpetual calendar
wristwatch with openworked dial and bracelet, part of a 16 pieces limited series
Manufacturer Audemars Piguet in 2006, 15 pieces in tantalum and yellow gold, 16 in tantalum
Year 1997 and platinum, and 16 in tantalum and pink gold.
Reference No. 25829TP While two tone cases made of contrasting metals (such as
Movement No. 425’280 platinum and pink gold, or steel and yellow gold) are easily
Case No. D80626.025
understood from an aesthetically point of view, two-tone cases
made out of similar metals are much more subtle - but not in
Material Tantalum and platinum
the least less impressive - creations. The aesthetic “ton-sur-
ton” effect that stems from the gentle gleam of platinum
Bracelet/Strap Tantalum and platinum Audemars Piguet bracelet,
meeting the darker, sterner, more military hue of tantalum, is
max length 175mm
absolutely captivating.
Its remarkable looks are just a part of the attractiveness of
this piece, as they are couple with a very unusual production
history which results in an even more restricted output than the
Estimate number 25 on the caseback would suggest.
CHF 120,000-240,000
$128,000-255,000 In fact, 25 such numbered cases were produced by Audemars
€116,000-232,000
Piguet (this being the last of the batch). However, they were
Accessories employed - not with consecutive case range - on 2 different
Accompanied by Audemars Piguet blank Certificate of Origin, product references: 16 examples were used for the present ref. 25829TP
literature and setting pin. Further accompanied by Audemars Piguet with openworked dial, and the rest on its sibling ref. 25820TP
and Phillips in Association with Bacs & Russo co-signed Royal Oak 50th with solid dial. Thus this is a very quirky - and enormously
collectible - example of a 16 pieces limited series model bearing
number 25.
Same as reference 25820 but in an openwork version, reference
25829 was produced for the same period (1996-2013) and made Given its looks and production history, it is unarguable that we
in 371 pieces in steel, 102 pieces in yellow gold, 174 in pink gold, are in the presence of a masterpiece that is as important and
156 in platinum, 25 in steel and platinum plus another one made collectible as it is exquisite and entrancing.
Ref. 25829TP Royal Oak Perpetual Calendar
39
34. AUDEMARS PIGUET — A very rare and incredibly well preserved stainless steel wristwatch with
bracelet and self-winding box
Manufacturer Audemars Piguet Reference 15002 is a faithful homage to the original reference
Year 1997 5402. Launched in 1996, Audemars Piguet had a stock of
caliber 2121 that it wanted to house in a “Jumbo” 39mm Royal
Reference No. 15002ST Oak case.
Case No. D67668.047
Aesthetically this reference was very close to the original
reference 5402, so much so that many components were
interchangeable. It featured the same monobloc case with a
solid caseback and tapisserie dial, only the angle of the bevelled
bezel was slightly modified to reach 45 degrees, compared with
max length 185mm
40 degrees for ref 5402. The Audemars Piguet signature and
applied AP logo were also larger than in the reference 5402.
During the three years this reference was in production only 183
Estimate were made in steel and 23 in yellow gold.
CHF 60,000-120,000
$63,800-128,000 The present Royal Oak reference 15002 in steel is number
€58,100-116,000
047 making it one of the earliest examples to grace the auction
Accessories market. Preserved in absolutely stunning condition, and with an
Accompanied by Audemars Piguet Certificate of Origin dated February incredible dial that has turned to a homogeneous warm hazelnut
8, 1999 and fitted self-winding box. Further accompanied by Audemars color throughout, this timepiece is a unique opportunity for
Piguet and Phillips in Association with Bacs & Russo co-signed Royal collectors of rare and early Royal Oaks not to be missed.
Oak 50th Anniversary Attestation.
39
35. AUDEMARS PIGUET — A very rare and attractive yellow gold wristwatch with diamond set dial
and center dial made of onyx
Manufacturer Audemars Piguet Reference 14812 is an ultra elusive reference made around 1995
Year 1997 featuring stone dials.
Reference No. 14812BA Gem-set Royal Oak timepieces are exquisitely uncommon,
Movement No. 407’252 but even more uncommon are Royal Oak watches fitted with
Case No. D60610.684
hardstone dials. Thus, the present watch can be considered
an absolute rarity, given that it incorporates in its dial both
Material 18K yellow gold, diamonds and onyx
diamond-pavé and onyx. The aesthetic result is as powerful as
the watch is scarce; the shimmering of the diamonds finds its
polar opposite in the pitch black central onyx disc, with the result
max length 190mm
that both materials mutually reinforce each other’s presence.
The luxurious yellow gold case emphasizes the top-tier level of
the watch and grants it a warmth that would be most likely very
Estimate much missed with a white metal case.
CHF 20,000-40,000
$21,300-42,500
€19,400-38,700
Accessories
36
36. AUDEMARS PIGUET — An extremely rare and attractive pink gold perpetual calendar wristwatch
with cream dial and bracelet
Manufacturer Audemars Piguet A new perpetual calendar reference made from 1990-1998,
Year 1994 reference 25686 was made in 92 pieces in steel, 70 pieces in
yellow gold, 18 pieces in pink gold, 31 pieces in platinum, 25
Reference No. 25686OR pieces in platinum and pink gold, 37 in pink gold and platinum,
Movement No. 405’396 26 pieces in steel and platinum for a total of 299 watches.
Case No. D34421.12
In recent years, so-called “cream” dials - that is, white dials
Material 18K pink gold
with a particularly warm tonality, more akin to ivory or, indeed,
cream rather than pure white - have climbed to the pinnacle of
Bracelet/Strap 18K pink gold Audemars Piguet bracelet,
watch collecting both due to their subtly warm hue, and to
max length 195mm
their rarity.
Clasp/Buckle 18K pink gold Audemars Piguet deployant clasp
The present piece offers indeed such a dial color, but fitted
on a perpetual calendar Royal Oak with full pink gold case
Estimate and bracelet. The warmth that this combination exudes is
CHF 80,000-160,000 boundless, and one can almost imagine oneself puffing on
$85,100-170,000 Cohiba on a Caribbean beach while tasting local rum.
€77,400-155,000
Accessories According to our research, it seems that only 18 examples of

Accompanied by Audemars Piguet and Phillips in Association with Bacs reference 25686 were produced in pink gold.
Ref. 25686OR Royal Oak Perpetual Calendar
39
37. AUDEMARS PIGUET — A very attractive and uncommon yellow gold, diamond-set and
black Chinese lacquer quartz wristwatch
Manufacturer Audemars Piguet It is interesting how from the original idea of creating a stainless
Year 1987 steel casual/chic watch the Royal Oak has taken different
shapes and variations over time. The present surprising lady’s
Reference No. 66240BA Royal Oak is the perfect example.
Case No. C22875.470
It is definitely chic and glamourous with its yellow gold case,
champagne dial and diamond indexes but even more visually
Material 18K yellow gold, black Chinese lacquer and diamonds
interesting are the horizontally set diamonds on the links and
the black Chinese lacquer bezel and central links giving the
Bracelet/Strap 18K yellow gold, black Chinese lacquer and diamond-
watch an incredibly graphic look.
set Audemars Piguet bracelet, max length 165mm
The watch is set with 264 diamonds for a total of approximately
3.45carats.
Estimate
CHF 10,000-20,000
$10,600-21,300
€9,700-19,400
Accessories
Accompanied by Audemars Piguet Extrait de Registre confirming the
register date of the present timepiece on 16th March 1987. Further
26
38. AUDEMARS PIGUET — An extremely rare and exclusive white gold wristwatch with jasper dial,
date and bracelet, part of a 5-piece series
Manufacturer Audemars Piguet A variation of reference 14700, reference 14701 was made
Year 1993 for just one year in the early 1990s. It was made in around 10
examples, including 5 pieces in white gold.
Movement No. 357’268 The present reference 14701BC is, as its code indicates, in
Case No. C94105.056
white gold. It is presented with an extremely rare jasper, also
known as bloodstone, dial. Jasper is a stone with ancestral
Material 18K white gold and jasper
virtues, used for centuries as protection and a source of
strength. Ancient folklore characterized this stone as excellent
weapon for warriors or anyone who is experiencing conflicts
max length 185mm
and challenges. It was believed that this stone would offer
protection from harm.
According to our research, only 5 examples of reference 14701
were produced in white gold.
Estimate
CHF 70,000-140,000 In excellent condition, this watch represents a rare opportunity
$74,400-149,000 to hold both a very little-known Royal Oak reference in one of
€67,800-136,000
the rarest configuration and a piece that has survived the years
Accessories without feeling the effect of time.
36
39. AUDEMARS PIGUET — An early stainless steel wristwatch with date and bracelet,
retailed by Chaumet, one of 3 known examples
Manufacturer Audemars Piguet by eight hexagonal, white gold screws, and a dial with tapisserie
Year 1975 motif. While today the Royal Oak is a legend, at the beginning
it was more than a bet, it was a true visionary revolution, the
Reference No. 5402ST first appearance of what is today’s most successful kind of
Movement No. 158’184 wristwatch: the luxury sports watch in steel.
Case No. 99390.B1005 further stamped 1299 RE
Model Name Royal Oak “Chaumet B Series” The Royal Oak model reference 5402ST has been produced in
Material Stainless steel four different batches: A, B, C and D with small design details that
Calibre Automatic, cal 2121, 36 jewels made each slightly different.
max length 175mm The reference 5402 remained in the Audemars Piguet
Clasp/Buckle Stainless steel Audemars Piguet deployant clasp Catalogues for 25 years and was produced in 6,050 examples
Dimensions 39mm Diameter over the different series.
Double signed timepieces are a rarity highly cherished by
Estimate
CHF 80,000-160,000
collectors. On an intellectual level, they open a doorway into
$85,100-170,000 the largely discontinued practice of co-signing (with notable
€77,400-155,000 exceptions) which was obviously a marketing effort from
before the field of horological “marketing” was even properly
Accessories coded. On a collectible level, the conjunction of two brands on
Accompanied by Audemars Piguet Certificate of Authenticity and
the same dial is invaluable to the connoisseur. Co-signing is a
Exclusivity and Chaumet Documentary file confirming the order
number 1299 RE on December 3, 1975. Further accompanied by
dwindling practice, and even back in the days when it was more
Audemars Piguet and Phillips in Association with Bacs & Russo co- mainstream only a fraction of a brand’s production would be co-
signed Royal Oak 50th Anniversary Attestation. signed. If that is true for any brand, it is especially applicable to
Audemars Piguet. In fact, only a handful of co-signed Royal Oak
examples are known. The present piece, for example, is one of
Launched in 1972, the Audemars Piguet Royal Oak was the only 3 known Chaumet-signed reference 5402. Intriguingly, the
world’s first stainless steel luxury sports watch with a fully caseback bears an additional number beyond the serial number:
integrated bracelet. Designed overnight in response to an 1299RE. Chaumet’s archives shed ample light on the subject, as it
urgent request for an ‘unprecedented steel watch’, it was at confirms that this co-signed watch was a special order numbered
the same time the most expensive stainless steel watch ever indeed “1299RE”, and goes on to specify that this number was
made. The brand sought famed designer Gérald Genta, who engraved on the back. Offered in spectacular condition, the
developed a brilliantly engineered, monobloc case, with a present piece is an unmissable opportunity for those looking for
distinctively maritime feel, featuring an octagonal bezel secured the rarest variations of vintage Royal Oak timepieces.
Ref. 5402ST Royal Oak “Chaumet B Series”
39
40. AUDEMARS PIGUET — An extremely rare and attractive platinum perpetual calendar wristwatch
with brown dial, bracelet, certificate and box retailed by Asprey bearing No. 1
40. AUDEMARS PIGUET — An extremely rare and attractive platinum perpetual calendar wristwatch
with brown dial, bracelet, certificate and box retailed by Asprey bearing No. 1
Manufacturer Audemars Piguet Reference 25654 replaced the first Royal Oak Perpetual
Year 1988 calendar reference 25554 in 1987 and was produced until 1998
in 315 pieces in steel, 430 pieces in yellow gold, 68 pieces in
Reference No. 25654PT steel and yellow gold and 38 in platinum. It differs from its
Movement No. 286’619 sibling for a slightly thicker case thickness (8.25mm vs the
Case No. C54927.1 The caseback is further engraved Asprey
7.5mm of ref. 25554) meant to improve its water resistance
capabilities.
Material Platinum
However, even though at first glance the present reference
25654 may seem like steel, the acute eye will notice the matte
max length 185mm
sheen of the metal giving away that it is in fact platinum.
Once in the hand, the sheer heft of the watch fully discloses its
platinum livery.
Estimate Another extremely appealing element is the copper brown dial

CHF 250,000-500,000 bearing the traditional Royal Oak tapisserie motif and sunray
$266,000-532,000 pattern subdials providing for a very visually powerful result.
€242,000-484,000
Accessories An extra element of appeal raising the collectability and

Accompanied by Audemars Piguet Certificate of Authenticity dated desirability of the piece is the fact that it bears number 1
June 03, 1988 and self winding box with outer packaging. Further and was retailed by Asprey in London (as engraved on the
accompanied by Audemars Piguet and Phillips in Association with Bacs caseback).
The present reference 25654 is in overall very appealing

condition and it is part of a very small number of platinum
In 1984, the Royal Oak model was presented with a perpetual examples - actually only 38 examples were produced in
calendar, not only a rare complication at the time as very few platinum - with such a graphic dial color.
brands were still producing them, but the audacity of housing
this delicate complication in a steel sports watch was mind
boggling.
39
41. AUDEMARS PIGUET — An extremely attractive stainless steel wristwatch with skeletonized dial,
certificate of authenticity and box
Manufacturer Audemars Piguet In production from 2009-2020, reference 15305 is an

Year 2011 openworked version of the reference 15300 with caliber 3129
based on a caliber 3120.
Movement No. 791’575 In the first years of the new millennium, Audemars Piguet
Case No. H30116.0182
answered the prayers of Royal Oak enthusiasts by introducing
reference 15300, featuring for the first time an inhouse
movement fully developed by Audemars Piguet: caliber 3120.
Skeletonized watches often feature delicate and ornate hand
max length 190mm
engraved movements. What is very interesting with the present
example is the vividly modernist execution of the skeletonizing.
The front and back plates have been hollowed out, bevelled,
polished and ruthenium plated, creating a visually arresting
Estimate contrast with the steel and brass components as well as the
CHF 80,000-160,000 pink gold rotor.
$85,100-170,000
€77,400-155,000
The present model is part of the very first pieces delivered yet it
Accessories remains unworn, with a sticker on the bracelet and on the bezel
Accompanied by Audemars Piguet certificate of authenticity, and offered with its full set of accessories.
instructions of use, product literature, original box with outer
packaging. Further accompanied by Audemars Piguet and Phillips in
Attestation.
39
42. AUDEMARS PIGUET — A very rare stainless steel and platinum perpetual calendar wristwatch
with openworked dial and bracelet, number 16 of a limited edition of 25 pieces
Manufacturer Audemars Piguet Following the presentation of its first perpetual calendar Royal
Year 1994 Oak model in 1984, Audemars Piguet followed up with an
openworked version in 1986 including a sapphire caseback.
Reference No. 25636SP Reference 25636 was in production until 1997 and made in 60
Movement No. 391’011 pieces in steel, 156 pieces in yellow gold, 6 pieces in pink gold, 41
Case No. D42001.16/25
pieces in platinum, 24 pieces in pink gold and platinum, and 25
pieces in steel and platinum, for a total of 312 examples.
The present example is one of the scarcest combinations of this
reference as it features a steel case with platinum bezel and
platinum central links on the bracelet. As proudly declared on
the back, only 25 pieces in this configuration ever left Audemars
Piguet’s workshop, of which this current example is no. 16.
Estimate While the fact that this reference is the first openwork Royal
CHF 150,000-300,000 Oak model will appeal to the “historian collectors” and its rarity
$160,000-319,000 to the “relic hunters” of the collecting community, the looks of
€145,000-290,000
this variation not only set it apart from its peers, but also has
Accessories universal appeal. While the other variations of the reference
Accompanied by Audemars Piguet extract from register. Further usually feature a brushed bezel, this version mounts a mirror-
accompanied by Audemars Piguet and Phillips in Association with polished bezel (a somewhat recurring characteristic of pieces
Bacs & Russo co-signed Royal Oak 50th Anniversary Attestation. with platinum bezels, such as ref. 15202IP - see lot 74). This detail
dramatically alters the look of the watch, and is the opposite
of what is regularly found on the Royal Oak, the brushed bezel
being a nearly universal characteristic of the model.
Not only extremely rare, the present piece is also very well
preserved.
39
43. AUDEMARS PIGUET — A very attractive pink gold chronograph wristwatch with grey dial, date,
bracelet and certificate
Manufacturer Audemars Piguet Pink gold is one of the four classic metals historically employed
Year 2011 for watch cases (the other three being white gold, yellow
gold and platinum). However, a true “cult” following of this
Reference No. 25960OR material developed only in recent years: its warm glow has
Movement No. 783’363 been rediscovered and what was until the last century a seldom
Case No. H33048.3515
employed -and even less often appreciated - metal, is now
Model Name Royal Oak Chronograph
counted as one of the most sought-after case materials to be
found on a timepiece. The hue of the metal is often paired with
a chocolate dial, but in this instance Audemars Piguet went
off the beaten track and endowed the piece with a dial in a
max length 190mm
particular dark-grey hue. While offering a welcome change from
the often seen pink gold/chocolate dial combo, the color chosen
perfectly merges with the rose gold case, granting the watch an
astounding sporty suaveness.
Estimate
CHF 30,000-60,000
$31,900-63,800
€29,000-58,100
Accessories
Accompanied by Audemars Piguet Certificate of Authenticity stamped
Oct 09, 2013. Further accompanied by Audemars Piguet and Phillips in
Attestation.
Ref. 25960OR Royal Oak Chronograph
39
44. AUDEMARS PIGUET — A rare and impressive stainless steel perpetual calendar wristwatch with
deep dark blue dial and moonphases
Manufacturer Audemars Piguet A new Royal Oak perpetual calendar model featuring this time a
Year 2004 leap year indicator, reference 25820 was launched in 1996 and
was in production until 2013. 628 pieces in steel, 107 pieces in
Reference No. 25820ST yellow gold, 74 pieces in platinum, 11 in pink gold, 378 in steel
Movement No. 548’834 and platinum, 15 in tantalum and yellow gold, 9 in tantalum and
Case No. E73427.0340
platinum, and 13 in tantalum and pink gold for a total of 1235
examples.
The Royal Oak Perpetual Calendar, first released in 1984, was
powered by the world’s thinnest renowned cal. 2120/2800 with
max length 185mm (2 extra links available)
a Jaeger-LeCoultre base and was a total revelation, contributing
to the overcoming of the quartz crisis. From 1984 to 1993, early
examples of the model showcased a dial without a leap year
indicator, whereas subsequent models from 1993 onwards have
Estimate a leap year indicator. In 1995, the reference 25820 debuted,
CHF 100,000-200,000 powered by the cal. 2120/2802 with leap year indicator like the
$106,000-213,000 present example. The casing is still distinctive and traditional
€96,800-194,000
in form, measuring a comfortable 39mm in diameter and
Accessories being kept thin. The current stainless steel model has a lovely
Accompanied by Audemars Piguet Extract from the Register and 2 and appealing dark blue tapisserie dial and is furthermore in
extra links for the bracelet. Further accompanied by Audemars Piguet excellent condition. The large tapisserie adds another level
and Phillips in Association with Bacs & Russo co-signed Royal Oak 50th of complexity and sportiness to the timepiece, making this a
terrific opportunity for collectors to obtain an iconic perpetual
calendar wristwatch from Audemars Piguet.
39
45. AUDEMARS PIGUET — A rare and attractive pink gold dual-time wristwatch with date,
day and night indication, power reserve indication, bracelet, box and warranty
Manufacturer Audemars Piguet Reference 26120, in production from 2006 to 2018, was a
Year 2008 revamped version of the brand’s original Royal Oak Dual Time
reference 25730, but in a larger 39mm case. The second time
Reference No. 26120OR zone, power reserve and date indications see the addition of a
Movement No. 664’838 night and day indication on the lower left section of the dial.
Case No. G15953.0527
Model Name Royal Oak Dual Time
The present Royal Oak Dual Time in pink gold is in excellent
overall condition. Showcasing a date, day/night and power
reserve indicator, this timepiece is both elegant and energetic
at the same time. The black “Grande Tapisserie” dial contrasts
strongly against the warmer pink gold case and leather strap.
For a 39mm diameter case, this reference features many
complications. The first is the power reserve indicator located
Estimate on the top left area of the dial - quite useful given the various
CHF 15,000-30,000 ∑ other complications this cal. 2329/2846 has to offer. Secondly,
$16,000-31,900 the dual-time zone subdial is positioned at 6 o’clock on the dial
€14,500-29,000
and is usually set at the local or “home” time of one’s country
Accessories of residence. As such, when travelling, setting the ordinary
Accompanied by Audemars Piguet warranty stamped Audemars Piguet hands to a different time zone won’t affect the dual zone dial
Boutique, Geneva dated 01 April 2008 , instruction manual, hang mechanism, thereby granting easy readability. The day/night
tag, Audemars Piguet fitted presentation box and outer box. Further indicator positioned to the left of the dual time dial is another
accompanied by Audemars Piguet and Phillips in Association with Bacs &
useful feature on this Royal Oak. When the hand is within the
Russo co-signed Royal Oak 50th Anniversary Attestation.
white half of the circle, it indicates 24:00 - 12:00, and when the
hand is within the black half of the circle, 12:01 - 23:59. This way,
it is easy to tell whether the “home” time in the dual time zone
is either am or pm.
Ref. 26120OR Royal Oak Dual Time
39
46. AUDEMARS PIGUET — An extremely rare and fine white gold wristwatch with diamond indexes,
certificate of origin and box
Manufacturer Audemars Piguet hexagonal, white gold screws, and a dial with tapisserie motif.
Year 1978 While today the Royal Oak is a legend, at the beginning it
wristwatch: the luxury sport watch in steel.
Case No. B22947.0030
max length 190mm
Catalogues for 25 years and was produced in 6,050 examples
over the different series.
Estimate The current Royal Oak in 18-karat white gold is one of the most
CHF 80,000-160,000 sought-after variations of the original reference 5402 – popularly
$85,100-170,000
known as the “Jumbo.” This reference 5402BC is one of just
€77,400-155,000
150 thought to have been made by the company. Its exquisite
Accessories heaviness, crafted from 18-karat gold, is striking, especially
Accompanied by Audemars Piguet extract from the register, certificate when contrasted to ordinary manufacturing stainless steel
of origin and box. Furthermore accompanied by Audemars Piguet and models. Its unique, octagonal bezel measures 39mm in diameter
and is fastened by mirror-polished, white gold hexagonal
screws that provide an attractive, eye-catching contrast to the
Launched in 1972, the Audemars Piguet Royal Oak was the brushed polished bezel. The captivating black dial showcases
world’s first stainless steel luxury sports watch with a fully a mini guilloché-”tapisserie” pattern which creates a sense of
integrated bracelet. Designed overnight in response to an deepness when contrasted against its diamond hour markers
urgent request for an ‘unprecedented steel watch’, it was at the and white gold case. The present timepiece has further kept its
same time the most expensive stainless steel watch ever made. original color on the dial, rigidity and proportions on the case,
The brand sought famed designer Gérald Genta, who developed the hallmarks are crisp, and the bracelet further retains its
a brilliantly engineered, monoblock case, with a distinctively rigidity. For collectors of premium sports watches, the current lot
maritime feel, featuring an octagonal bezel secured by eight represents a once-in-a-lifetime chance.
39
47. AUDEMARS PIGUET — An extremely rare and attractive platinum and pink gold perpetual
calendar wristwatch with salmon dial
Manufacturer Audemars Piguet “This is a transitional model”. How many times such a sentence
Year 1997 has been thrown around during a watch discussion - or
even more often in an auction catalogue - but what does it
Reference No. 25686PR actually mean? It means that the watch in question presents
Movement No. 396’973 characteristics typical of the generation before it, but also
Case No. D44070.13
characteristics found in the generation after it, making the
piece a sort of “missing link” and thus intellectually very
Material Platinum and 18K pink gold
relevant in the context of the brand’s evolution. Such is the case
of the present timepiece.
Bracelet/Strap Platinum and 18K pink gold Audemars Piguet
It features a modern Audemars Piguet signature - with taller
A and P and serifed design - but still misses the leap year
indication, as seen in watches made up to 1993 featuring the
calibre 2120/2800 - which will be replaced by the leap year
Estimate version cal. 2120/2802.
CHF 100,000-200,000
$106,000-213,000 Beyond the intellectual intrigue of being a transitional model,
€96,800-194,000
the present watch flabbergasts the beholder with the contrast
Accessories of platinum and pink gold - boosted by the salmon dial.
Accompanied by Audemars Piguet and Phillips in Association with Bacs Compared to a fully platinum case, the juxtaposition with the
& Russo co-signed Royal Oak 50th Anniversary Attestation. pink gold makes the white metal appear darker than usual -
one might be inclined to think the case is tantalum and pink
gold - which in result grants the piece a very aggressive and
A new perpetual calendar reference made from 1990-1998, sporty vibe while at the same time not negating the aura of
reference 25686 was made in 92 pieces in steel, 70 pieces in importance that such a rare watch is naturally supposed to
yellow gold, 18 pieces in pink gold, 31 pieces in platinum, 25 carry. According to our researches, it seems that Audemars
pieces in platinum and pink gold, 37 in pink gold and platinum, Piguet only produced 25 examples of this reference in platinum
26 pieces in steel and platinum for a total of 299 watches. and pink gold.
Ref. 25686PR Royal Oak Perpetual Calendar
39
48. AUDEMARS PIGUET — A very attractive and subtle yellow gold and diamond set wristwatch with
certificate of origin and large wooden box
Manufacturer Audemars Piguet An Italian proverb goes like: “nella botte piccola sta il vino
Year 1998 buono”, which means “the good wine is in the small cask”.
There could not be a more appropriate expression to describe
Reference No. 67077BA this Royal Oak creation for ladies. It is impressive how the
Movement No. 455’618 geometric, sporty design - originally envisioned for a sport
Case No. D91098.235
watch with a 39mm diameter - works extremely well even
within the restrained confines of a 20mm case, fusing grace
and strength for a superb result. The diamond setting as well
adds panache to the ensemble but without - incredibly - ever
Bracelet/Strap 18K yellow gold and diamonds Audemars Piguet
appearing excessive. The vertical junction links of the bracelet,
which are left without gem-setting, imbue the design with a
hint of movement, amplifying the impression of sporty finesse.
Estimate
CHF 12,000-24,000
$12,800-25,500
€11,600-23,200
Accessories
Accompanied by Certificate of Origin and large wooden box.
Attestation.
20
49. AUDEMARS PIGUET — A very attractive and unusual stainless steel wristwatch with yellow dial,
date and bracelet
Case No. E72286.7219
indexes.
max length 195mm
and long indexes.
Estimate
CHF 30,000-60,000 The present reference 14790 very visibly differentiates itself by
$31,900-63,800 its canary yellow dial. When it was launched in 1992 the model
€29,000-58,100
was presented in very traditional combinations; later, a small
Accessories batch was launched sporting the three primary colors: Red, Blue
Accompanied by Audemars Piguet Extract from the Register. and Yellow. We are indeed very honored to present the three colors
Furthermore accompanied by Audemars Piguet and Phillips in together with lots 12 and 81. In addition to being radically modern
Association with Bacs & Russo co-signed Royal Oak 50th Anniversary with a “Grande Tapisserie” pattern and small indexes, the addition
Attestation.
of color quite uncommon within the Royal Oak collection adds
immense panache to this watch. According to research, yellow is
the rarest dial color of the reference.
36
50. AUDEMARS PIGUET — A rare and very well preserved stainless steel wristwatch with “No Series”
case and bracelet
Manufacturer Audemars Piguet While today the Royal Oak is a legend, at the beginning it
Year 1975 was more than a bet, it was a true visionary revolution, the
Reference No. 5402ST wristwatch: the luxury sports watch in steel. The Royal Oak
Movement No. 147’358 model reference 5402ST has been produced in four different
Case No. 99068 batches: A, B, C and D with small design details that made each
Model Name Royal Oak Jumbo, “No Series” slightly different.
Calibre Automatic, cal 2121, 36 jewels The reference 5402 remained in the Audemars Piguet
Bracelet/Strap Stainless steel Audemars Piguet bracelet, Catalogues for 25 years and was produced in 6,050 examples
max length 190mm over the different series. Until recently, It was commonly
Clasp/Buckle Stainless steel Audemars Piguet deployant clasp believed that all cases of reference 5402 bore a serial number
Dimensions 39mm Diameter to the back (the famous A, B, C and D series). Examples without
Signed Case, dial, movement and bracelet signed serial number were known but not accepted by the market
which deemed such cases service replacements (in the best
Estimate
CHF 80,000-160,000
case scenario).
$85,100-170,000
€77,400-155,000 It is only recently that in depth research - backed by the robust
Audemars Piguet archive - has subverted such belief and in
Accessories fact demonstrated that “no number” cases are fully legitimate
Accompanied by Audemars Piguet Extract from Register. Furthermore
and part of the original production of reference 5402, and - as
expected - extremely rare. According to the archives, such
watches were mostly produced in 1975, for a total of 129 pieces.
This was a transitional series of watches made after the end
Launched in 1972, the Audemars Piguet Royal Oak was the of the A series: the original decision was to stop using lettered
world’s first stainless steel luxury sports watch with a fully case numbers, but eventually the company rescinded this
integrated bracelet. Designed overnight in response to an choice and went on to the B series.
urgent request for an ‘unprecedented steel watch’, it was at the
same time the most expensive stainless steel watch ever made. Such an unusual production is undoubtedly due to the more
The brand sought famed designer Gérald Genta, who developed elastic structure the company had during those years - as
a brilliantly engineered, monobloc case, with a distinctively discussed earlier - which ultimately became responsible for the
maritime feel, featuring an octagonal bezel secured by eight creation of one of the most elusive variations of the hallowed
hexagonal, white gold screws, and a dial with tapisserie motif. reference 5402: a true example of serendipity in watchmaking.
Ref. 5402ST Royal Oak Jumbo, “No Series”
39
51. AUDEMARS PIGUET — A very attractive and colorful stainless steel perpetual calendar wristwatch
with blue sapphire dial, bracelet, certificate of origin and box
Manufacturer Audemars Piguet Reference 25654 replaced the first Royal Oak Perpetual
Year 1997 calendar reference 25554 in 1987 and was produced until 1998
in 315 pieces in steel, 430 pieces in yellow gold, 68 pieces in
Reference No. 25654ST steel and yellow gold and 38 in platinum. It differs from its
Movement No. 425’083 sibling for a slightly thicker case thickness (8.25mm vs the
Case No. D60423.1077
7.5mm of ref. 25554) meant to improve its water resistance
Model Name Royal Oak Perpetual Calendar “Yves Klein”
capabilities.
When the beauty and rarity of the “Sapphire Blue” (aka, “Yves
Klein”) dial merges with the collectability and historical appeal
max length 195mm
of a “no leap year” perpetual calendar Royal Oak, one knows
without a doubt that one is in the presence of a wristwatch that
is as eminently collectible as it is strikingly charming.
Estimate Offered in excellent condition of both case and dial, the present
CHF 120,000-240,000 watch will not fail to satisfy the horological needs of the most
$128,000-255,000 demanding Royal Oak collectors.
€116,000-232,000
Accessories
Accompanied by Audemars Piguet Certificate of Origin stamped
Orologeria Gioielleria Andrea Concato and self winding box with outer
packaging. Furthermore accompanied by Audemars Piguet and Phillips
Attestation.
Ref. 25654ST Royal Oak Perpetual Calendar “Yves Klein”
39
52. AUDEMARS PIGUET — An extremely rare and fine stainless steel wristwatch with date and
bracelet, made for the Sultanate of Oman
Manufacturer Audemars Piguet The present reference 5402 “A Series” Royal Oak truly deserves
Year 1973 the Royal in its name as it is a piece commissioned by The
Sultan of Oman, His Majesty Sultan Qaboos bin Said al Said.
Movement No. 142’417 The dial of the present reference 5402 is different to the regular
Case No. 67996.A996
production models as it is black (and not blue/grey) lacking the
Model Name Royal Oak Jumbo “Khanjar”
tapisserie motif but with elegant diamond markers and proudly
exhibiting the “Khanjar” daggers - the emblem of Oman - on
the lower part of the dial. Research shows that a batch of 6 dials
without tapisserie, with diamond-set indexes and an emblem at
max length 190mm
6 o’clock has been ordered by Audemars Piguet in spring 1973.
further signed Gay Frères
The Sultan of Oman, His Majesty Sultan Qaboos bin Said al Said,
was a well-known collector and horological enthusiast, and
specially commissioned watches from the finest manufactures
Estimate to be given as gifts to loyal servants and foreign dignitaries. His
CHF 150,000-300,000 Majesty ascended to the throne on July 23, 1970, which makes
$160,000-319,000 the present watch likely to be amongst the first gifts he offered
€145,000-290,000
during his reign.
Accessories
Accompanied by Audemars Piguet Certificate of Authenticity dated His Majesty was born in 1940. Following his ascent to the throne
October 17, 1973, outer box and fitted presentation box. Furthermore aged 30, the monarch “modernized” the state by launching a
accompanied by Audemars Piguet and Phillips in Association with Bacs series of programs to advance the healthcare, education, and
infrastructure systems in Oman.
In absolutely astounding condition, the present “A Series” is

part of a handful of examples known bearing the Khanjar.
Ref. 5402ST Royal Oak Jumbo “Khanjar”
39
53. AUDEMARS PIGUET — A rare and very attractive stainless steel and yellow gold wristwatch with
date, bracelet and original box made for the Sultanate of Oman
Reference No. 4100SA and reference 8638.
Case No. B21317.599
Model Name Royal Oak Khanjar
Material Stainless steel and 18K yellow gold
Bracelet/Strap Stainless steel and 18K yellow gold Audemars Piguet
Clasp/Buckle Stainless steel and 18K yellow gold Audemars Piguet
had their mechanical calibre replaced by quartz calibre 2506,
deployant clasp
which was originally fitted in at least 36 watches.
This watch stands out of normal production thanks to the
Estimate elegant and highly prized Khanjar emblem which stands just
CHF 15,000-30,000 below the brand’s logo, at 12 o’clock. Very interestingly, we see
$16,000-31,900 that the name of the brand and the inscription “Automatic”
€14,500-29,000
have been moved down to 6 o’clock to make room for the logo
Accessories of the Sultanate of Oman. The watch is presented today in its
Accompanied by Audemars Piguet extract from the register and original condition, it has most certainly never been polished
original box with the Khanjar emblem. Furthermore accompanied by and the patina that the yellow gold bezel has developed attests
Audemars Piguet and Phillips in Association with Bacs & Russo co- to the fact that it has not been worn for a long period of time.
Produced in 1978, this steel and yellow gold watch transmits
the aesthetic codes of the 80s. It represents a rare opportunity
to own a piece typical of its generation, underlining the
importance on this model for the greatest collectors.
Ref. 4100SA Royal Oak Khanjar
35
54. AUDEMARS PIGUET — An supremely rare, early and historically insightful stainless steel
perpetual calendar wristwatch with moonphases, bracelet, MK I dial, 4-digit reference and “triple
serial” case
Manufacturer Audemars Piguet Released in 1984, reference 5554 (later 25554), was indeed the
Year 1985 first perpetual calendar sports watch by any brand, powered
by the famous workhorse caliber 2120/2800. A textbook
Reference No. 5554ST example of early production, this example is a gold mine for
Movement No. 273’841 the connoisseur of early complicated Royal Oak timepieces. As
Case No. D1495.046.B29282 expected it does not feature a leap year indication on the dial
Model Name Royal Oak Perpetual calendar, “Triple Serial” (such feature would be introduced in 1993 with cal. 2120/2802),
and sports the charming small Audemars Piguet signature.
Bracelet/Strap Stainless Steel Audemars Piguet bracelet,
Additionally, the Archives confirm that this is reference 5554,
max length 170mm
thus a very early example of the model. In the mid 1980s
Clasp/Buckle Stainless Steel Audemars Piguet deployant clasp
Audemars Piguet switched to a 5-digits reference system,
renaming the present model reference 25554.
Finally, the details of its case offer an interesting insight into
Estimate the semi-artisanal production procedures of the company at
CHF 80,000-160,000 the time. In fact the watch does not only bear the usual 2 case
$85,100-170,000 numbers (in this instance: D1495 and 046) found on Royal
€77,400-155,000 Oak pieces, but it actually has a third case number stamped
to the inside of the back: B29282. When checking with the
Accessories
Accompanied by Audemars Piguet and Phillips in Association with Bacs Archives, the match occurs between the “hidden” B29282 case
& Russo co-signed Royal Oak 50th Anniversary Attestation. number and the movement number. As explained by Audemars
Piguet, this is because some late 5402 cases were modified
and repurposed for ref. 5554, but the “original” case number
The “luxury sports watch” concept itself was in the 1980s only intended for ref. 5402 was left on the outside, this being one of
a decade old (as the present theme sale reminds us), and not such incredibly interesting and rare timepieces.
remotely as well-established as today. To add a complication
- and not a minor one but a perpetual calendar - to a sports Research shows that approximately 458 examples of this model
watch was at the time nearly as groundbreaking as the first where produced in steel; already a restricted number, but it is
Royal Oak had been in 1972. Given the technical complexities safe to say that only a very tiny fraction of them happens to
of both movement and of creating a waterproof case with the be a “Triple Serial” 5554, making this watch one of the most
necessary pushers, these watches were very costly which, intriguing and historically interesting early perpetual calendar
together with a market not completely ready for such a product, Royal Oak.
meant production was very low.
Ref. 5554ST Royal Oak Perpetual calendar, “Triple Serial”
39
55. AUDEMARS PIGUET — A very elegant yellow gold wristwatch with champagne dial,
diamond bezel date and bracelet
Manufacturer Audemars Piguet Reference 14544 is a gemset variant of reference 14486

Year 1989 housing the automatic caliber 2131 and made in around 102
pieces from 1988-1992.
Reference No. 14544BA
Movement No. 321’470 This stunning reference 14544BA is cased in yellow gold and
Case No. C61916.355
fitted with a diamond bezel and champagne dial. Only a handful
in this configuration has appeared on the international auction
market, making the present watch a very rare example - most
examples of this version in yellow gold display a pavé dial.
In general, Audemars Piguet made very few examples with
max length 190mm
gem-set bezels, making the present model a rarity within their
catalog. Furthermore, this particular example is preserved in
stunning condition, with sharp numbers on the case back and
crisp hallmarks, showing how little intervention the timepiece
Estimate has seen since it left the Audemars Piguet manufacture in 1989.
CHF 30,000-60,000
$31,900-63,800
€29,000-58,100
Accessories
Accompanied by Audemars Piguet and Phillips in Association with
Bacs & Russo co-signed Royal Oak 50th Anniversary Attestation.
56. NO LOT
36
57. AUDEMARS PIGUET — An impressive pink gold perpetual calendar wristwatch with moonphases,
equation of time, original guarantee and box
Ref. 26603OR Royal Oak Equation of Time
57. AUDEMARS PIGUET — An impressive pink gold perpetual calendar wristwatch with moonphases,
equation of time, original guarantee and box
Manufacturer Audemars Piguet In the early 2000s, Audemars Piguet was the first brand to
Year 2013 integrate in a wristwatch not only a perpetual calendar but an
equation of time (based on the wearer’s city of choice) as well as
Reference No. 26603OR time of sunset and sunrise and presented in a very legible manner.
Case No. H48247.0070
The equation of time indicates the difference between civilian
Model Name Royal Oak Equation of Time
time and true solar time. For convenience a day is divided into
24 hours however, due to the earth’s elliptical path around the
sun as well as its tilted rotation axis a day is not exactly 24 hours
and depending on the season can be longer or shorter.
max length 180mm
Clasp/Buckle 18k pink gold Audemars Piguet deployant clasp
The blue equation of time hand indicates the true solar time
on an inner ring graduated from –15 minutes to +15 minutes.
Nonetheless, the mean solar culmination point depends on the
Estimate wearer’s exact location and on the longitude of a given place on
CHF 70,000-140,000 the globe. The equation of time read-off system developed by
$74,400-149,000 Audemars Piguet takes account of this specific place.
€67,800-136,000
Accessories The present Royal Oak is calibrated for Frankfurt (as indicated
Accompanied by Audemars Piguet Warranty Authentication and on the inner ring) and the time of the solar zenith is indicated
Register Certificate, instruction manual, service papers, additional next to the city (here 12h25).
rubber strap, pink gold deployant clasp, hang tag, suede pouch,
extra links, key, fitted presentation winding box and outer packaging.
Other than the traditional calendar indication, the present
Association with Bacs & Russo co-signed Royal Oak 50th Anniversary example also indicates the times of sunrise and sunset in the
Attestation. owner’s desired city indicated via two subdials at 3 and 9 o’clock.
The Royal Oak Equation of Time was in production from 2010- The equation of time mechanism and inner city ring can be
2015. easily changed by Audemars Piguet to reflect the city of choice
of the new owner.
If flamboyance and glamour were personified in a timepiece, it
would definitely be the present Royal Oak Equation of Time in In very well preserved condition the watch is accompanied by its
pink gold. full set of accessories.
Ref. 26603OR Royal Oak Equation of Time
42
58. AUDEMARS PIGUET — An impressive and lavish white gold, diamond and emerald-set
wristwatch with date and bracelet
Manufacturer Audemars Piguet This lavishly executed Royal Oak with pavé dial, diamond and
Year 1994 emerald-set bracelet is impressive beyond words. It conveys a
sense of glamour, gravitas, and refined opulence. Restrained in
Reference No. 66746BC size but large in personality the present Royal Oak is a true gem
Movement No. 395’145 in every sense. The gem-setting on this timepiece is second
Case No. D45626.241
to none, the combination of emeralds and diamonds exudes
elegance and refinement. Intended for a female audience the
Material 18K white gold, diamonds and emeralds
watch can be dressed up or down for a wide range of events.
Bracelet/Strap 18K white gold, diamond and emerald set Audemars
Piguet bracelet, max length 170mm
Clasp/Buckle 18k white gold Audemars Piguet deployant clasp
Estimate
CHF 100,000-200,000
$106,000-213,000
€96,800-194,000
Accessories
Accompanied by Audemars Piguet extra large wooden fitted
presentation box. Furthermore accompanied by Audemars Piguet and
26
59. AUDEMARS PIGUET — An extremely rare stainless steel limited edition wristwatch with sapphire
blue dial, date, bracelet and certificate made to celebrate the 20th anniversary of the model
Manufacturer Audemars Piguet steel (with 2 dial variations), 286 in yellow gold (with 4 dial
Year 1992 variations), along with 20 in platinum (with 2 dial variations).
Ref. 14802 introduced the first salmon dials as well as
Reference No. 14802ST hammered “Tuscan blue” iterations, although there is no record
Movement No. 374’467 of how many of these special dials were produced. In addition,
Case No. D12257.85 a sapphire caseback revealed calibre 2121 and most of the
Model Name Royal Oak Jubilée “Yves Klein” latter’s gold oscillating weights featured an anniversary motif
Material Stainless steel accompanied by the case number.
The present example is one of the rarest iterations as it features
max length 185mm
a stunning blue dial dubbed “Yves Klein” by collectors as the
intense electric blue is reminiscent of the characteristic color
used by the French artist in the 60’s. Having been fascinated
by the sky since a young age, Yves Klein spent much time
Estimate perfecting the exact shade of brilliant ultramarine blue because
CHF 100,000-200,000 he thought it captured the sense of space. Klein’s paintings
$106,000-213,000 became centered on this color, which was patented later on as
€96,800-194,000 “International Klein Blue (IKB).
Accessories
Research further shows that these specific dials where
Accompanied by Audemars Piguet Certificate of Authenticity dated
December 16, 1992, timepiece life and care card and service box. produces by “Stern Creations”, which also made the dials of the
Furthermore accompanied by Audemars Piguet and Phillips in original 5402ST.
Attestation. Preserved in excellent overall condition, the watch, with its
39mm “Jumbo” case, exudes presence on the wrist while
The reference 14802 saw the rebirth of the 39mm “Jumbo” remaining well balanced as a result of its slim case. The splash
Royal Oak for the 20th anniversary of the Royal Oak. Sold of electric “ Yves Klein” blue adds playfulness and further
between 1992 and 2002, 691 examples were produced in dramatizes the timepiece’s overall appearance.
Ref. 14802ST Royal Oak Jubilée “Yves Klein”
39
60. AUDEMARS PIGUET — A very attractive and elegant white gold wristwatch with bracelet and
fitted presentation box
Reference No. 14790BC reference 15300.
Case No. D60889.0088
indexes
Bracelet/Strap 18k white gold Audemars Piguet bracelet,
max length 170mm
and long indexes
Clasp/Buckle 18k white gold Audemars Piguet deployant clasp
Estimate
CHF 40,000-80,000 The present timepiece - from the 2nd series - is an incredibly
$42,500-85,100 rare execution in white gold of which only a handful are known
€38,700-77,400
to exist. Furthermore it remains in excellent condition with
Accessories strong proportions and sharp angles. The present reference
Accompanied by Audemars Piguet Extrait de Registre confirming sale 14790 is one of the rarest iterations of this central reference.
date on 07 April 1999, fitted presentation box and outer packaging.
Attestation.
36
61. AUDEMARS PIGUET — A very attractive stainless steel perpetual calendar wristwatch with salmon
dial, bracelet, certificate and box
Reference No. 25654ST yellow gold and 38 in platinum. It differs from its siblings due
Movement No. 354’601 to its slightly thicker case (8.25mm vs the 7.5mm of ref. 25554)
Case No. C94862.763
meant to improve its water resistance capabilities.
The present example is offered in the most classical of the
Royal Oak metals - stainless steel. Any steel example of this
cornerstone model is to be considered the endgame for the
max length 180mm
collector of sports timepieces, but the present example exceeds
any collector’s wildest dreams as a result of its flawless salmon
dial, making this a variation as sought-after as it is attractive
and difficult to come across. The dial design is as expected a “Mk
Estimate I”, featuring the old-school small Audemars Piguet signature
CHF 100,000-200,000 (found at least until mid-production of C cases, but examples are
$106,000-213,000 known also from D cases) and no leap year indication.
€96,800-194,000
Accessories
Accompanied by Audemars Piguet undated Certificate of Origin,
outer packaging and fitted winding box. Furthermore accompanied
39
62. AUDEMARS PIGUET — An attractive and very well preserved stainless street chronograph
wristwatch with date, bracelet, certificate of guarantee and box
Manufacturer Audemars Piguet Whereas the Royal Oak was born as a leisure/chic steel watch
Year 2008 it wasn’t until the 25th anniversary of the model in 1997 that a
chronograph complication was added to the catalogue, housing
Reference No. 25860ST the automatic caliber 2385. Reference 25860 was in production
Movement No. 658’767 until 2012.
Case No. G13948.11952
Model Name Royal Oak Chronograph “Kasparov”
The Royal Oak Chronograph ref 25860ST shares the full genetic
codes of the original Royal Oak, as while it can be considered a
sportier version than the time only model due to the presence
of a chronograph function, it retains an incredibly elegant
max length 185mm
and suave presence that makes it one of the most versatile
chronographs of its generation.
This reference is nicknamed “Kasparov” by collectors as the
Estimate legendary chess Grandmaster Garry Kasparov wore one during
CHF 20,000-40,000 his professional games and would always remove it from his
$21,300-42,500 wrist prior to his last, winning moves.
€19,400-38,700
Accessories The present example not only impresses thanks to its amazing
Accompanied by Audemars Piguet Certificate of Guarantee and good looks but also thanks to its incredible almost unworn
Authenticity, user manual, product literature, box and outer packaging. condition.
Attestation.
Ref. 25860ST Royal Oak Chronograph “Kasparov”
39
63. AUDEMARS PIGUET — A stunning stainless steel perpetual calendar wristwatch with openworked
dial, number 27 of a 50 piece limited edition
Manufacturer Audemars Piguet Following the presentation of its first perpetual calendar Royal
Year 1995 Oak model in 1984, Audemars Piguet followed up with an
openworked version in 1986 including a sapphire caseback.
Reference No. 25636ST Reference 25636 was in production until 1997 and made in 60
Movement No. 391’032 pieces in steel, 156 pieces in yellow gold, 6 pieces in pink gold, 41
Case No. D42072.27/50
pieces in platinum, 24 pieces in pink gold and platinum, and 25
pieces in steel and platinum, for a total of 312 examples.
Calibre Automatic, cal 2120/2800_SQ, 38 jewels
Exceptionally bold, the present Royal Oak Perpetual Calendar
is offered in excellent condition with a visually arresting openwork
max length 180mm
dial and movement. The beholder is hypnotized by the breathtaking
view of the movement from both front and back. Non-essential
metal from the movement’s plates and bridges have been removed,
while the remaining “openworked” parts have been delicately
Estimate hand engraved and finished. One can see a symphony of foliage,
CHF 150,000-300,000 chamfering, mirror polishing and sunray finishes.
$160,000-319,000
€145,000-290,000
The present reference 25636 is part of the last generation of
Accessories openworked perpetual calendar models offered without a leap-
Accompanied by Audemars Piguet Extract from Register and a year indicator, which would later be introduced on all subsequent
pouch. Furthermore accompanied by Audemars Piguet and Phillips in Royal Oak perpetual calendar models by the mid-1990s. Highly
Association with Bacs & Russo co-signed Royal Oak 50th Anniversary sought-after by connoisseurs, these first generation models are
Attestation.
appreciated for their simple and pure elegance.
One of just 60 pieces made in steel, the present watch will

surely impress the most discerning collectors who are seeking
for a splendid specimen of this coveted reference.
39
64. AUDEMARS PIGUET — An impressive and luxurious white gold and diamond-set wristwatch with
date, bracelet and presentation box
Manufacturer Audemars Piguet Cased in white gold and completely set with pavé and baguette
Year 1998 diamonds, the present watch is a sight to behold. Audemars
Piguet was completely at the forefront of creating dazzling gem-
Reference No. 56343BC set pieces, and the present watch is no exception. While the dial
Movement No. 442’583 and bezel are set with brilliant diamonds, the vertical links on the
Case No. D58305.205
bracelet are set with baguette diamonds. Furthermore, the case
is preserved in excellent condition with sharp and crisp hallmarks.
Material 18K white gold and diamonds
Heavy, imposing and stately, the present timepiece is indeed a
Calibre Quartz, cal. 2612
statement of luxury and opulence.
Bracelet/Strap 18K white gold and diamond-set Royal Oak bracelet,
max length 190mm
Clasp/Buckle 18K white gold and diamond-set deployant clasp
Dimensions 33.5mm Diameter
Estimate
CHF 40,000-80,000
$42,500-85,100
€38,700-77,400
Accessories
Accompanied by Audemars Piguet presentation box. Furthermore
33.5
65. AUDEMARS PIGUET — A rare and attractive stainless steel and platinum perpetual calendar
wristwatch with black dial, original certificate and winding box
Year 2000 leap year indicator, reference 25820 was launched in 1996 and in
production until 2013, 628 pieces in steel, 107 pieces in yellow gold,
Reference No. 25820SP 74 pieces in platinum, 11 in pink gold, 378 in steel and platinum, 15
Movement No. 424’964 in tantalum and yellow gold, 9 in tantalum and platinum, and 13 in
Case No. E25303.078
tantalum and pink gold for a total of 1235 examples.
The aesthetic impact of this breathtaking perpetual calendar
Royal Oak is entrusted to the combination of its black dial and
mirror-finished platinum bezel. While normally the Royal Oak
bezel is satin-finished like most of the rest of the case, some
rare examples - usually, but not exclusively, featuring platinum
bezel such as in this instance - present this unusual mirror
finishing. While it might sound as a simple detail, in fact this
Estimate different finish changes dramatically the look of the piece. In
CHF 80,000-160,000 this instance, the glimmer of the polished bezel is mirrored by
$85,100-170,000 the silvered chapter rings of the subsidiary counters. The final
€77,400-155,000
result is an ode to sporty elegance.
Accessories
Accompanied by Audemars Piguet Certificate of Origin, user manual,
Audemars Piguet attestation that the watch left the manufacture in
2000 year of it’s 125th anniversary, hang tag, setting pin, self-winding
box with outer packaging. Furthermore accompanied by Audemars
Piguet and Phillips in Association with Bacs & Russo co-signed Royal
39
66. AUDEMARS PIGUET — A rare and subtle yellow gold limited edition wristwatch with cream dial,
certificate of origin and box made to celebrate the 20th anniversary of the model
Reference No. 14802BA steel (with 2 dial variations), 286 in yellow gold (with 4 dial
Case No. D35513.252
hammered “Tuscan blue” iterations, although there is no record
of how many of these special dials were produced. In addition,
a sapphire caseback revealed Calibre 2121 and most of the
latter’s gold oscillating weights featured an anniversary motif
max length 195mm
accompanied by the case number.
The present yellow gold reference 14802 is beautifully
complemented by an incredibly attractive ivory color dial.
Estimate Audemars Piguet pushed the refinement even further by including
CHF 100,000-200,000 a golden date disc to echo the aesthetics of the case and indexes,
$106,000-213,000 a subtle but important detail. This combination adds a lot of light
€96,800-194,000
and shine to the watch and gives it a “Miami Vice” look.
Accessories
Accompanied by Audemars Piguet Certificate of Origin, instruction The present watch’s rotor bears the special anniversary
manual, box with outer packaging. Furthermore accompanied by engraving and the watch number.
Audemars Piguet and Phillips in Association with Bacs & Russo co-
Sold in 1993 the present Audemars Piguet Royal Oak ref. 14802BA
is not only extremely well preserved but it is also accompanied by
its original guarantee and fitted presentation box.
Ref. 14802BA Royal Oak Jubilée
39
67. AUDEMARS PIGUET — An extremely attractive ceramic perpetual calendar wristwatch with
bracelet and certificate
Manufacturer Audemars Piguet Audemars Piguet has developed, in recent years, a

Year 2017 groundbreaking tradition of experimenting with novel materials.
For example, in 2007 they launched the Offshore Alinghi Team
Reference No. 26579CE ref. 26062 which was made out of forged carbon, at the time a
Movement No. 961’316 highly uncommon proposition (and daunting to produce).
Case No. J43170
One of the most recent - and arguably most attractive -
Material Ceramic
watches that represent this trend is the present perpetual
calendar Royal Oak in ceramic. Released in 2017, the watch was
Bracelet/Strap Ceramic Audemars Piguet bracelet,
an immediate success (and was followed in 2019 by a white
max length 190mm
ceramic version with blue/white dial). One could write rivers of
Clasp/Buckle Ceramic Audemars Piguet deployant clasp
ink about the technical complexity of realizing not only a case
but also - and maybe especially! - a ceramic bracelet, but such
an intellectual debate would not do justice to the most obvious
Estimate quality of the timepiece: its undiluted, nearly brutally powerful
CHF 100,000-200,000 aesthetic impact. An ideal synthesis of the current trend
$106,000-213,000 in watchmaking - this is a piece devoted to its heritage but
€96,800-194,000
groundbreaking in its execution - it is no surprise that to date it
Accessories is one of the most coveted, collectible and even wearable recent
Accompanied by Certificate of Authenticity dated April 21, 2017. Royal Oak creations, a piece that would fit with equal ease the
Furthermore accompanied by Audemars Piguet and Phillips in wrist of Bruce Wayne and that of Thomas Crown.
Attestation.
Ref. 26579CE Royal Oak Perpetual Calendar
41
68. AUDEMARS PIGUET — An impressive, unique and highly complicated white gold and diamond-
set minute repeating, perpetual calendar, split-seconds chronograph wristwatch with moonphases,
blue mother-of-pearl subdials, bracelet, certificate of origin and box. Number 1/1
With reference 25990, Audemars Piguet upped the ante by

delicately gem setting the Royal Oak Grande Complication.
These pieces were produced from 2002 until 2011 in white gold
and pink gold.
Watch collecting can be construed as made up of two different

aspects. On the one hand, collectors appreciate the aesthetics
of a watch; when endowed with particular dials, unusual case
materials, special decorative techniques and so on, timepieces
acquire a whole new level of appeal. On the other hand, there is
the mechanical complexity of a timepiece which is composed of
the different complications and regulating devices.
The present example represents the most sumptuous merging

of these two universes: a true Grande Complication fully set with
diamonds and featuring blue mother-of-pearl subsidiary dials.
Ref. 25990BC Royal Oak Grande Complication
68. AUDEMARS PIGUET — An impressive, unique and highly complicated white gold and diamond-
set minute repeating, perpetual calendar, split-seconds chronograph wristwatch with moonphases,
blue mother-of-pearl subdials, bracelet, certificate of origin and box. Number 1/1
Manufacturer Audemars Piguet Gem-set Royal Oak pieces - especially dating to more than a
Year 2002 few years ago - are enormously scarce, both due to the cost of
the objects, but also to the fact that gem-setting on a sports
Reference No. 25990BC watch is a conflictual combination as the ethos of the watch
Movement No. 415’478 calls for more robust and technical materials (steel above all).
Case No. E71337. 1/1
On the technical side, while the term “Grande Complication”
Model Name Royal Oak Grande Complication
is wildly abused these days for marketing purposes, it has a
Material 18K white gold, diamonds and mother-of-pearl
semi-official definition - hardly ever respected, with the present
watch being the exception to the rule: a watch defined as a
Bracelet/Strap 18K white gold, diamond-set Audemars Piguet
“true” Grande Complication timepiece should incorporate a
timing complication, a calendar complication and a chiming
Clasp/Buckle 18K white gold, diamond-set Audemars Piguet
complication. Only a handful of wristwatch models respect
deployant clasp
these requirements. The present timepiece in fact not only
respects them, but even exceeds them: it does feature a minute
repeater, a perpetual calendar and a chronograph but as if this
Estimate was not enough, the ante is upped by the fact that this is no
CHF 250,000-500,000 mere chronograph, but a split-second variation.
$266,000-532,000
€242,000-484,000
Combining astoundingly lavish gem-setting and equally
Accessories fascinating technical proficiency, the present watch is without a
Accompanied by Audemars Piguet Certificate of Guarantee and doubt one of the most important (and costly) Royal Oak pieces
Certificate of Origin confirming the watch as a pièce unique, sale of ever made, and it is not surprising that its caseback bears the
the present watch in 2002, and stamped by Audemars Piguet, key and unmistakable mark of unicity: 1/1.
key pouch, fitted and wooden presentation box. Further accompanied
signed Royal Oak 50th Anniversary Attestation. A pinnacle of Audemars Piguet production which would deserve
the spotlight in any of the most important Royal Oak collections.
Ref. 25990BC Royal Oak Grande Complication
45
69. AUDEMARS PIGUET — An extremely charming and well-preserved stainless steel perpetual
calendar wristwatch with moonphases, leap year, bracelet, certificate of origin, hang tag and
presentation box, bearing No. 1
Manufacturer Audemars Piguet Whereas the second Royal Oak model ever produced (ref 8638)
Year 1996 was dedicated to women, Audemars Piguet reserved the
majority of its complicated Royal Oak models for men, housing
Reference No. 25800ST them in 39mm or 36mm cases.
Case No. D59772.001
Reference 25800 was produced from 1996 to 2002 and is an
incredibly attractive, well balanced and legible 33mm perpetual
calendar targeting the feminine market.
The watch houses caliber 2141/2806 which was specifically
max length 185mm
developed and implemented for this specific reference and
features a leap year indicator on the dial. Exceedingly rare and
scarcely produced for only a few years it is possibly the smallest
self-winding perpetual calendar wristwatch ever produced by
Estimate Audemars Piguet.
CHF 20,000-40,000
$21,300-42,500 Preserved in excellent condition with crisp bevels and finishes
€19,400-38,700
throughout, this reference 25800ST packs a great punch.
Accessories Housing one of the most sought-after complications that
Accompanied by Audemars Piguet Certificate of Origin dated 1996, Audemars Piguet offers, it is an extremely charming example.
hang tag, service papers, presentation box and outer packaging. At 33mm in diameter, it still has great presence on the wrist,
Further accompanied by Audemars Piguet and Phillips in Association made even larger due to the silvered dial. Most importantly,
the present watch is numbered 001, meaning it was the first
example within the series ever created. Preserved in excellent
condition, it is accompanied by its original certificate, hang tag,
setting pin, presentation box and outer packaging.
33
70. AUDEMARS PIGUET — A very attractive stainless steel wristwatch with date,
bracelet, certificate of origin and box, bearing No. 1
Manufacturer Audemars Piguet As Audemars Piguet was continuing testing new case sizes for
Year 1990 the Royal Oak, it presented reference 14700 with a 36mm case
in 1990. The watch was in production for only a few years as it
Reference No. 14700ST was discontinued in 1998.
Case No. C82185.001
To own the first watch of a certain model is of enormous
importance to a collector.
This timepiece indeed represents such an opportunity, as its
caseback proudly proclaims, it is the very first example of ref
max length 185mm
14700: No. 001.
Adding to this unique, incredibly collectible trait, the watch is
offered in superb condition of both case and dial: the edges are
as sharp as ever, the bevels perfectly defined, the engraving to
Estimate the back crisp and unmolested, and the dial absolutely flawless.
CHF 30,000-60,000 The cherry on the cake comes from the presence of its original
$31,900-63,800 Guarantee and box, making this full set, perfectly preserved No.
€29,000-58,100
001 specimen a treasure trove for the discerning collector.
Accessories
Accompanied by Audemars Piguet Certificate of Origin, Extract from
the Register, box with outer packaging. Further accompanied by
36
71. AUDEMARS PIGUET — An extremely well preserved and rare white gold wristwatch with pink
champagne dial, date, bracelet, guarantee and box
Manufacturer Audemars Piguet The model featured for the first time a silver dial but was also
Year 2020 available with dark blue and cosmos blue dials. The pink gold
version was launched in 2006.
Movement No. AM9787 In 2012 for the model’s 40th anniversary the dial of reference
Case No. K56035
15202 was revamped to make it closer in looks to the original
ref 5402 with the AP logo placed at 6 o’clock and “Petite
Tapisserie” dial.
Amongst the reference 15202 production one specific model
max length 180mm
stands out as the grail of holy grails: the reference 15202BC in
white gold with shimmering pink champagne dial (Audemars
Piguet refers to the dial color as salmon).
Estimate The case could easily be mistaken for steel but the pleasant
CHF 80,000-160,000 heft gives away the precious metal composition. The dial is
$85,100-170,000 mesmerizing and depending on the light, it varies from pale to
€77,400-155,000
pink champagne with hints of gold.
Accessories
Accompanied by Audemars Piguet fitted box, International Warranty Audemars Piguet announced in 2019 upon the launch of this
card, 2 extra links and outer packaging. Further accompanied by model that it would be making no more than 75 pieces per year.
Audemars Piguet and Phillips in Association with Bacs & Russo co- Considering that this reference was discontinued in 2021 we can
thus assume that only 225 examples were ever produced!
Reference 15202 has become one of the most coveted watches

The present watch is in unworn condition and comes with its full
of the past years.
set of accessories.
It was first introduced in steel and yellow gold cases in 2000,

while retaining the 39mm case of the original “Jumbo” as well
as the automatic cal 2121 it had a more modern vibe with the
“Grande Tapisserie” dial and sapphire caseback.
39
72. AUDEMARS PIGUET — An impressive yellow gold and diamond perpetual calendar wristwatch
with openworked dial, part of a 3-pieces limited series
72. AUDEMARS PIGUET — An impressive yellow gold and diamond perpetual calendar wristwatch
with openworked dial, part of a 3-pieces limited series
Manufacturer Audemars Piguet A fully gem set openwork perpetual calendar, reference 25659
Year 1988 was made in only 4 pieces over a 7 year period, from 1988 to
1995, 3 pieces in yellow gold and 1 piece in platinum.
Movement No. 274’089 The present Royal Oak Perpetual Calendar is an early version,
Case No. C31040.03
with no leap year indicator and preserved in excellent overall
condition. Cased in yellow gold with an exquisite diamond set
finish this timepiece surely commands attention and prestige.
Beyond its unquestionable rarity, the movement itself is a
Bracelet/Strap 18K yellow gold and diamonds Audemars Piguet
remarkable feat of engineering. Turn the watch over and
you will witness genuine watchmaking artistry: a gracefully
engraved and openworked main plate with floral and leaf
scroll designs, as well as the Audemars Piguet emblem artfully
rendered into the decor via the sapphire caseback. The outside
Estimate section of the openworked dial is framed by the same pattern,
CHF 250,000-500,000 which is visible through the case’s cage. Immensely charismatic,
$266,000-532,000 its case proportions and diamond set finishing bedazzle the
€242,000-484,000
fortunate beholder. This timepiece on an intellectual level
Accessories pushes the notion of a luxury sport’s watch to its limits: the
Accompanied by Audemars Piguet and Phillips in Association with Bacs openwork can be considered a great show of complexity and
& Russo co-signed Royal Oak 50th Anniversary Attestation. the diamond-setting might be regarded the pinnacle of luxury.
While such a contradiction is intellectually interesting, the
execution is far from easy, however Audemars Piguet managed
to integrate these two seemingly incompatible souls with style
and panache. Remarkably, recent research has shown that only
3 examples in this particular configuration of yellow gold with
diamonds were ever made.
39
73. AUDEMARS PIGUET — A very attractive and sportive pink gold chronograph wristwatch with
date, certificate of origin and box
Manufacturer Audemars Piguet Launched in 2004 and in production until 2018, reference
Year 2011 26022 was a dressier version of the Royal Oak chronograph
reference 25860 as it featured a leather strap and was available
Reference No. 26022OR only in precious metals.
Case No. H32994.3461
The present watch is in superb condition. It seems that the
Model Name Royal Oak Chronograph
original owner only wore it once or twice before deciding to
leave it safe in its box. Featuring a more dressy appeal than the
version with bracelet, this extremely attractive and charismatic
chronograph in pink gold displays a silver tapisserie dial with
contrasting subdials and is further complemented by a warm
brown crocodile strap. Presented complete with its original box
and papers it is an excellent opportunity to own a modern piece
Estimate that combines at its best elegance and sportiveness.
CHF 25,000-50,000 ∑
$26,600-53,200
€24,200-48,400
Accessories
Accompanied by Audemars Piguet Certificate of Authenticity, user
manual, presentation box with outer packaging and travel pouch.
Further accompanied by Audemars Piguet and Phillips in Association
Ref. 26022OR Royal Oak Chronograph
39
74. AUDEMARS PIGUET — A mesmerising and exclusive titanium and platinum wristwatch
with ultramarine blue dial, polished bezel, date, bracelet, Guarantee and box, part of a 250-pieces
limited edition
Manufacturer Audemars Piguet The model featured for the first time a silver dial but was also
Year 2018 available with dark blue and cosmos blue dials. The pink gold
version was launched in 2006.
Reference No. 15202IP
Movement No. AG2129 In 2012 for the model’s 40th anniversary the dial of reference
Case No. J78663 15202 was revamped to make it closer in looks to the original ref
Model Name Royal Oak 5402 with the AP logo placed at 6 o’clock and Petite Tapisserie dial.
Material Titanium and platinum
Calibre Automatic, cal 2121, 36 jewels The “IP” - as the present watch is nicknamed by collectors
Bracelet/Strap Titanium and platinum Audemars Piguet bracelet, (as reference to the last two letters of its reference number
max length 195mm meaning titanium and platinum) - represents the continuation,
Clasp/Buckle Titanium and platinum Audemars Piguet deployant or according to some collectors the pinnacle, of this path. In its
clasp case, the collector finds the mix - as idiosyncratic as it is potent
Dimensions 39mm Diameter - of two opposing metals: ultra light and technical titanium for
Signed Case, dial, movement and bracelet signed the case and bracelet links and heavy and luxurious platinum
for the bezel and central links. It is incredible how two polar
Estimate opposites such as these metals manage to perfectly blend
CHF 100,000-200,000 together for a supremely attractive final result.
$106,000-213,000
€96,800-194,000 The dégradé ultramarine blue dial also represents a new tier
of experimentation for the 15202 model, noticeably - but
Accessories
Accompanied by Audemars Piguet guarantee card, hang tag, product
still discreetly - stepping away from the usual monochrome
literature, box and outer packaging. Further accompanied by Audemars dark dials. Also in this case, the outcome packs an incredibly
Piguet and Phillips in Association with Bacs & Russo co-signed Royal powerful aesthetic punch.
While such looks propelled the piece to the highest levels
Reference 15202 has become one of the most coveted watches of unrestrained beauty and desirability, its 250-pieces
of the past years. limited production propelled collectors to the highest level
of frustration: only a handful among the most important
It was first introduced in steel and yellow gold cases in 2000, Audemars Piguet collectors were able to call one of these
while retaining the 39mm case of the original “Jumbo” as well watches their own. Such a dedicated crowd obviously very
as the automatic cal 2121 it had a more modern vibe with the rarely part with their watches - let alone such an exclusive and
“Grande Tapisserie” dial and sapphire caseback. attractive piece - rendering quite unsurprising the scarcity on
the market of this model.
Ref. 15202IP Royal Oak
39
75. AUDEMARS PIGUET — A superb and impressive white gold and diamond-set wristwatch with
date, emerald-set hour markers, bracelet, certificates and box
Manufacturer Audemars Piguet women, an indicative of the cultural logics of a society still deeply
Year 2000 rooted in ideas that are nowadays considered limitative.
Precursor collectors who appreciated this kind of timepieces have
always existed (an example above all are the gem-set Daytona
pieces commissioned by the Sultan of Oman in the 1980s). It is
Case No. D58304.204
however with the cultural changes of recent times that gem-
set wristwatches have been not only rightfully considered for
what they truly are - extraordinary examples of the merging of
watchmaking and gem-setting craftmanship - but have also been
Bracelet/Strap 18K white gold and diamond-set Audemars Piguet
propelled to the top echelon of watch collecting in virtue of their
impressive looks and outstanding rarity.
That said, some case designs are more prone to gem-setting
Dimensions 33.5mm Diameter
than others, and it is difficult to argue that the Royal Oak
architecture, of both case and bracelet, is among those most
Estimate apt to this exclusive upgrade. The octagonal bezel seems
CHF 60,000-120,000 designed since the beginning to hold rows of baguette
$63,800-128,000
diamonds, and the same goes for the bracelet, with the vertical
€58,100-116,000
juncture pieces acting as an ideal “platform” for the stones.
Accessories
Accompanied by Audemars Piguet Certificat d’Origine et de Garantie The final result - as can be admired in this wristwatch - is
stamped by London retailer “Marcus, a Division of Time Products beyond impressive: a truly majestic timepiece accompanied
(UK) Ltd” and dated June 27, 2000, Certificat d’Origine des Pierres
by all of its accessories which can be enjoyed by lady- as well
Precieuses, and massive multi-colored wooden presentation box.
Further accompanied by Audemars Piguet and Phillips in Association as gentleman-collectors alike. The impressive box already
with Bacs & Russo co-signed Royal Oak 50th Anniversary Attestation. conveys the importance of the piece, but it is when reading
the “Certificat d’Origine des Pierres Precieuses” (Certificate
Gem-set watches have always been a “specialty” of sorts, for of origin of precious stones) that one can see the details of the
watch brands. Without a doubt, these are objects incredibly setting: on the watch there is a mind-boggling total of 604
costly to produce, both from a material supply point of view, as stones. Beyond the 10 emeralds for the hours markers, there
well as under a labour one. Furthermore, until a few decades are 508 princess-cut diamonds (for 4.61ct) and 86 baguette-cut
ago, bejewelled timepieces were marketed mostly toward diamonds (6.27ct).
33.5
76. AUDEMARS PIGUET — A large and impressive stainless steel chronograph wristwatch with
tourbillon regulator, bracelet, Certificate and box
Manufacturer Audemars Piguet Audemars Piguet continued the expansion of the Royal Oak
Year 2006 with the introduction of Reference 25977, a chronograph
tourbillon launched in 2003 and produced until 2013 in very
Reference No. 25977ST small numbers.
Case No. F65221
The present Royal Oak Tourbillon Chronograph is impressive
Model Name Royal Oak Tourbillon Chronograph
in absolutely every sense, from its large 44mm case to the
complications it houses.
Calibre Manual, cal. 2889, 25 jewels
Reference 25977ST became immediately a grail for Audemars
max length 200mm
Piguet aficionados as it reunites - from a technical standpoint
- the chronograph and the tourbillon, two of the most beloved
and sought-after horological complications.
Estimate Two versions have been made for the model, a more sporty one
CHF 50,000-100,000 with blue dial and red accents, and the present monochrome
$53,200-106,000 black variation. The masculinity and elegance of the black dial -
€48,400-96,800
incidentally, perfectly legible thanks to the large white luminova
Accessories markers - renders this timepiece a truly “all round” watch, as
Accompanied by Audemars Piguet Certificate of Origin and Exclusivity, enjoyable and appropriate during a regatta in Porto Cervo,
presentation box, instruction manual, key and outer packaging. Further skiing down the slopes of St Moritz or for a day at the office.
Ref. 25977ST Royal Oak Tourbillon Chronograph
44
77. AUDEMARS PIGUET — A very rare and extremely attractive pink gold perpetual calendar
wristwatch with moonphases and bracelet, part of a 120 pieces limited edition made to commemorate
Audemars Piguet’s 120th anniversary
Manufacturer Audemars Piguet The present Royal Oak perpetual calendar impresses not only
Year 1995 thanks to its excellent state of preservation but also its severely
cool looks. The ethereal hue of the brushed pink gold case and
Reference No. 25810OR bezel with highly polished sides, matte pink dial with shiny
Movement No. 439’142 subdials place this watch in the realm of ultra sexiness.
Case No. D68838
Model Name Royal Oak Perpetual Calendar “120th Anniversary”
As proudly stated on the dial, this perpetual calendar Royal Oak
celebrates the 120th anniversary (1875-1995) of the company
and as expected Audemars Piguet created something that
goes beyond special for this commemoration. The attention to
max length 195mm
details found on Audemars Piguet perpetual calendar dials is
astounding. Most notably, the present dial features a strongly
tri-dimensional architecture, with recessed subsidiary dials. In
fact, the month/leap year cycle dial features a double recess
Estimate in order to put on two physically different plains the bissextile
CHF 100,000-200,000 cycle and the month indication.
$106,000-213,000
€96,800-194,000
Furthermore the present example features an Audemars Piguet
Accessories signature indication which is the week number indication.
Accompanied by Audemars Piguet Certificate of Origin, Certificate of
Authenticity and Exclusivity, user manual, box and outer packaging. A reminder that we are in the presence of an anniversary piece
Further accompanied by Audemars Piguet and Phillips in Association is subtly hidden into the movement as well as being openly
declared on the dial. The calibre features a gold-rimmed, hand-
engraved, openwork rotor, whose curvy design might appear
abstract at first glance, but on a closer look reveals in fact the
number of years celebrated: 120, the same as the total number
of pieces produced.
Ref. 25810OR Royal Oak Perpetual Calendar “120th Anniversary”
39
78. AUDEMARS PIGUET — A very rare and extremely appealing pink gold dual-time wristwatch with
mother of pearl dial, date and power reserve, certificate of origin and presentation box
Manufacturer Audemars Piguet Mother-of-pearl has been appreciated and employed in

Year 1999 jewellery since antiquity. Its iridescence and smooth texture
has also been used in watchmaking, but its adoption has been
Reference No. 25730OR surprisingly slow. While case details in mother-of-pearl are
Movement No. 463’537 known from decorative pocket watches and automatons since
Case No. E11350.075
the 19th century, the precious material started to make its
Model Name Royal Oak Dual Time
way on lady’s wrist timepieces only around the mid-twentieth
Material 18K pink gold and mother-of-pearl
century. The first forays of mother-of-pearl in the realm of
gentleman’s wristwatches can be traced to the 1970s - an era
of particular experimentation in watch design - and one has to
max length 170mm
wait until the 1990s for a relatively widespread adoption of the
material on sports watches. Multiple reasons can be accounted
for such a situation: technically, mother-of-pearl is extremely
difficult to use as base material for a dial; aesthetically, there
Estimate was a historical psychological barrier as - similar to diamond-set
CHF 35,000-65,000 pieces - retrograde social constructs would see this material
$37,200-69,100 as more suitable for ladies; and finally there is the economic
€33,900-62,900
barrier of the cost of the final watch.
Accessories
Accompanied by Audemars Piguet Certificate of Origin and The present piece perfectly epitomises the appeal a mother-
presentation box. Further accompanied by Audemars Piguet and of-pearl dial can have. The carefully selected purplish/rose hue
Phillips in Association with Bacs & Russo co-signed Royal Oak 50th of the dial material is a perfect complement to the luxurious
pink gold case. The sunken subsidiary dials not only add
tridimensionality, but as the light hits them from a slightly
different angle than the main plate they appear slightly darker
or lighter than the rest of the dial, granting the ensemble a
somewhat “two-tone finish”.
Ref. 25730OR Royal Oak Dual Time
36
79. AUDEMARS PIGUET — A very attractive limited edition stainless steel wristwatch with date,
bracelet, certificate of origin and box, made to celebrate the 20th anniversary of the model
Reference No. 14802ST steel (with 2 dial variations), 286 in yellow gold (with 4 dial
Case No. D12537.0406
record of how many of these special dials were produced. In
addition, a sapphire caseback revealed Calibre 2121 and most
max length 185mm
The present reference 14802ST is most probably one of the
best preserved examples of this reference in stainless steel
Estimate we have ever seen, it has been carefully cherished, coming
CHF 60,000-120,000 from the collection of a keen-eyed collector of Audemars
$63,800-128,000 Piguet timepieces. The watch is complete with all of its original
€58,100-116,000
accessories.
Accessories
Accompanied by Audemars Piguet Certificate of Origin, Certificate
of Exclusivity, special Jubilée box with outer packaging. Further
Ref. 14802ST Royal Oak Jubilée
39
80. AUDEMARS PIGUET — A very attractive stainless steel perpetual calendar wristwatch with
openworked dial, certificate of origin and box
Manufacturer Audemars Piguet Same as reference 25820 but in an openwork version, reference
Year 2003 25829 was produced for the same period (1996-2013) and made
in 371 pieces in steel, 102 pieces in yellow gold, 174 in pink gold,
Reference No. 25829ST 156 in platinum, 25 in steel and platinum plus another one made
Movement No. 425’192 in 2006, 15 pieces in tantalum and yellow gold, 16 in tantalum
Case No. E88343.0367
and platinum, and 16 in tantalum and pink gold.
The present example in stainless steel is a gem of horological
design and technical dexterity, with extremely legible calendar
indications and a superbly finished movement that can be
max length 180mm
admired on the dial side. Whereas the dial side of the watch has
a very contemporary vibe, the back side is an ode to tradition
with its openworked backplate and rotor which are delicately
hand engraved.
Estimate
CHF 100,000-200,000
$106,000-213,000
€96,800-194,000
Accessories
Accompanied by Audemars Piguet Certificat d’Origine et de Garantie,
Instructions for use and winding box. Further accompanied by
39
81. AUDEMARS PIGUET — A very attractive stainless steel wristwatch with blue sapphire dial,
bracelet and box
Case No. D88085.2267
Model Name Royal Oak “Yves Klein”
indexes
max length 190mm
and long indexes
Estimate
CHF 20,000-40,000 At the end of the 1990s, Audemars Piguet experimented with
$21,300-42,500 different dial colors on the reference 14790. Amongst these
€19,400-38,700
experiments, we can find the famous dial nicknamed “Yves
Accessories Klein” by collectors due to its similarity to the intense and
Accompanied by Audemars Piguet Extract from Register, box and outer electric color developed by the French artist in the 60’s.
packaging. Further accompanied by Audemars Piguet and Phillips in
Association with Bacs & Russo co-signed Royal Oak 50th Anniversary The present reference 14790 is part of the 2nd series produced
Attestation.
between 1993 and 2000 that can easily be recognized by the
pointed top of the A, the Petite Tapisserie dial and the long indexes.
Later, Audemars Piguet would offer this reference with a red

dial (see lot 12) and yellow (see lot 49) both are examples of the
3rd series with small indexes and Grande Tapisserie.
Presented in excellent condition and with its box, this superb
reference 14790 “Yves Klein” represents a great opportunity
not to be missed.
Ref. 14790ST Royal Oak “Yves Klein”
36
82. AUDEMARS PIGUET — A charismatic and warm yellow gold wristwatch with champagne dial,
date and bracelet, part of a 23 piece series
Manufacturer Audemars Piguet Reference 15002 is a faithful homage to the original reference
Year 1996 5402. Launched in 1996, Audemars Piguet had a stock of caliber
2121s that it wanted to case in a “Jumbo” 39mm Royal Oak case.
Movement No. 405’977 Aesthetically this reference was very close to the original
Case No. D67606.010
reference 5402, so much so that many components were
interchangeable. It featured the same monobloc case with a
solid caseback and tapisserie dial, only the angle of the bevelled
bezel was slightly modified to reach 45 degrees, compared with
40 degrees for ref 5402. The Audemars Piguet signature and
max length 195mm
applied AP logo were also larger than in the reference 5402.
During the three years this reference was in production only 183
were made in steel and 23 in yellow gold.
Estimate
CHF 100,000-200,000 The present reference 15002 in yellow gold is part of the
$106,000-213,000 ultra exclusive 23 piece production in this metal. Its warm
€96,800-194,000
champagne dial just oozes with a certain suave coolness and
Accessories one could easily imagine listening to a Stan Getz tune with a
Accompanied by Audemars Piguet Extract of the Register and a pouch. glistening glass of deep red Negroni in hand with having this
Further accompanied by Audemars Piguet and Phillips in Association elegant timepiece wrapped around one’s wrist.
Preserved in overall excellent condition with sharp bevels to
the case and bezel, with a very clean crisp dial, the present
reference 15002 offers an incredible opportunity to own one of
the rarest yellow gold “Jumbo” Royal Oak models ever made.
39
83. AUDEMARS PIGUET — An extremely attractive platinum perpetual calendar wristwatch with
salmon dial, original certificate and box
Year 2006 leap year indicator, reference 25820 was launched in 1996 and in
production until 2013. 628 pieces in steel, 107 pieces in yellow gold,
Reference No. 25820PT 74 pieces in platinum, 11 in pink gold, 378 in steel and platinum, 15
Movement No. 549’480 in tantalum and yellow gold, 9 in tantalum and platinum, and 13 in
Case No. F45245.160
tantalum and pink gold for a total of 1235 examples.
Material Platinum
One of the most appreciated case/dial combinations one can
find in a wristwatch is arguably that of a white metal case with
a salmon dial. The neutral metal of the case offers a canvas
max length 185 mm
which allows for the dial to express its warm hue at its best,
furthermore the note of color imparted by the salmon tonality
confers to the ensemble some lightheartedness without
being however extravagant to the point of diminishing the
Estimate importance of the timepiece. The historical relevance of pink
CHF 100,000-200,000 gold dials is also noteworthy as this particular hue has been
$106,000-213,000 employed on wristwatches since the early 19th century, with
€96,800-194,000
some of the most important timepieces ever created indeed
Accessories featuring a salmon dial.
Accompanied by Certificate of Authenticity undated and stamped
Exclusive Watches Limited, Rosa Marina Pieta, instruction manual, When this already hallowed match of salmon dial and white
outer box and fitted wooden self-winding box. Further accompanied metal case finds its expression on a platinum timepiece, such
as in this instance, the aesthetic power of the watch is amplified
by the icy tonality of platinum and boosted by the weight of the
timepiece which conveys on a physical level the importance of
the object.
39
84. AUDEMARS PIGUET — An impressive and elusive white gold and pavé diamond-set wristwatch
with date, bracelet, box and original certificate
Manufacturer Audemars Piguet Reference 15202 has become one of the most coveted watches
Year 2019 of the past years.
Reference No. 15202BC It was first introduced in steel and yellow gold cases in 2000,
Movement No. AL4464 while retaining the 39mm case of the original “Jumbo” as well as
Case No. K29327 the automatic cal 2121 it had a more modern vibe with the large
Model Name Royal Oak tapisserie dial and sapphire caseback.
Material 18K white gold and diamonds
Calibre Automatic, cal 2121, 36 jewels The model featured for the first time a silver dial but was also
Bracelet/Strap 18K white gold and diamond-set Audemars Piguet available with dark blue and cosmos blue dials. The pink gold
bracelet, max length 190m version was launched in 2006. In 2012 for the model’s 40th
Clasp/Buckle 18K white gold and diamond-set Audemars Piguet anniversary the dial of reference 15202 was revamped to make
deployant clasp it closer in looks to the original ref 5402 with the AP logo placed
at 6 o’clock and petite tapisserie dial.
Estimate
There are timepieces whose sheer flamboyance and exuberance
CHF 100,000-150,000 verges on magnificence and pure awesomeness. The present
$106,000-160,000 white gold and diamond-set Royal Oak is one of them.
€96,800-145,000
When launched the Royal Oak ref 5402 in steel cost more than
Accessories
any gold watch on Audemars Piguet’s catalogue. However, in
Accompanied by Audemars Piguet Warranty card, instructions manual,
box and outer packaging. Further accompanied by Audemars Piguet 1977 the brand decided to up the ante by offering a new Royal
and Phillips in Association with Bacs & Russo co-signed Royal Oak 50th Oak reference 5402 lavishly clad in yellow gold once again
Anniversary Attestation. changing the game by offering a luxury leisure watch in a
precious metal.
The present reference 15202 is lavish, glamorous, bold and

unabashedly attractive. It is a statement piece, fully fitted
with diamonds to its full capacity, the case and bracelet are
decadently set with 1,102 brilliant-cut diamonds weighing a total
of 7.09 carats, while its pavé dial is set with 384 brilliant-cut
diamonds weighing a total of 2.44 carats.
39
85. AUDEMARS PIGUET — A very attractive and rare stainless steel tourbillon wristwatch with
skeletonized dial and bracelet, made in a limited edition of 100 pieces
Manufacturer Audemars Piguet to conceive the intuition of having the entire balance wheel
Year 2018 revolve on itself to compensate for gravity-induced deviations
is beyond cunning, and even more remarkably when one
recalls that this mechanism was devised in the late 1700s (the
Movement No. AG8565
A.L. Breguet patent for the tourbillon dates to 1801). From
Case No. J65630
a technical point of view, the concept is simply diabolical to
Model Name Royal Oak Tourbillon
execute given the minute size and even more minute tolerances
required. And, finally, from an aesthetic point of view it is one
Calibre Manual, cal 2924, 25 jewels
of the very few - beyond the balance wheel, obviously - actively
decorative elements that a dial can feature, enthralling the
max length 205mm
beholder with its subtle dance.
While the tourbillon is one reason for the collectability of
this piece, the other is its skeletonized movement, a most
Estimate appropriate choice for such a refined timepiece which allows the
CHF 120,000-240,000 entirety of the movement to be seen without any obstruction
$128,000-255,000
to the dial. Epitomizing Audemars Piguet’s skills to realize
€116,000-232,000
a true masterpiece of mechanical art: the elegantly curved
Accessories architecture of the bridges is sublime and nearly organic. When
Accompanied by Audemars Piguet and Phillips in Association with Bacs admired from the back, the movement gives the impression of
& Russo co-signed Royal Oak 50th Anniversary Attestation. being a sort of steampunk, futuristic spiderweb.
Compounding to the aesthetic and technical pinnacle of

The tourbillon is one of the most fascinating inventions of the the timepiece, the present watch is furthermore part of a
entire field of watchmaking, and for multiple reasons. First 100-pieces limited edition, adding a remarkable level of rarity to
of all, the intellectual concept of the tourbillon is enormous, this spectacular ensemble.
41
86. AUDEMARS PIGUET — A very rare and attractive stainless steel perpetual calendar wristwatch
with sapphire blue dial, certificate and self-winding box
Manufacturer Audemars Piguet Arguably the best known dial color found on Royal Oak
Year 1998 timepieces, the present watch features a “sapphire blue”
dial according to the official Audemars Piguet nomenclature.
Reference No. 25820ST However, even the greenest watch enthusiast is aware of
Movement No. 448’060 the fact that the community knows it by a different, very
Case No. D80545.19
appropriate nickname: the “Yves Klein”.
Model Name Royal Oak Perpetual Calendar “Yves Klein”
Active during the mid-twentieth century, Yves Klein was
a member of the Nouveau-Réalisme movement. He is
best known for his bright blue monochrome paintings and
max length 185mm
sculptures. Amusingly, at his first public exhibition he featured
canvases of different colors (orange, red, yellow, pink and
blue) but the reaction of the public - who insisted on finding an
unexisting connection between the works - prompted him from
Estimate then on to radicalize his work even more and focus on just one
CHF 100,000-200,000 color: the now famous Yves Klein blue, of which this dial color is
$106,000-213,000 -serendipitously - a near-perfect replica.
€96,800-194,000
Accessories
Accompanied by Audemars Piguet Certificate of Authenticity, Extract
from the Archives confirming sale of the present watch on January 20,
1998 and self-winding box with outer packaging. Further accompanied
Ref. 25820ST Royal Oak Perpetual Calendar “Yves Klein”
39
87. AUDEMARS PIGUET — A lavish and impressive diamond and emerald-set wristwatch with date,
bracelet, guarantee and presentation box
Manufacturer Audemars Piguet Impressive, lavish and heavy, the present watch is fitted with
Year 1996 baguette and brilliant diamonds as well as baguette emerald
markers. The Original Certificate confirms that the present
Reference No. 56431BC watch is set with 74 baguette diamonds with IF purity totaling
Movement No. 345’288 10.04 carats and 508 brilliant diamonds with IF purity totaling
Case No. C81257.002
4.7 carats and presentation box. Given the incredibly precious
nature of the watch, one can only imagine that very few
Material 18K white gold, emeralds and diamonds
examples were made by Audemars Piguet and only reserved for
Calibre Quartz, cal. 2612
their very best clients. One can also imagine the astronomical
Bracelet/Strap 18K white gold and diamond-set Audemars Piguet
retail price when the timepiece was first offered by the retailers.
Estimate
CHF 70,000-140,000
$74,400-149,000
€67,800-136,000
Accessories
Accompanied by Audemars Piguet Certificate d’Origine et de Garantie
confirming the present watch is set with 74 Baguette diamonds with IF
purity totaling 10.04 carats and 508 brilliant diamonds with IF purity
totaling 4.7 carats and presentation box. Further accompanied by
33
88. AUDEMARS PIGUET — A very distinctive blackened stainless steel wristwatch with date
and bracelet
Starting from a conventional beginning but destined for

greatness, the present watch was born as a regular reference
5402ST but would end up as anything but a regular timepiece.
Sold in Italy in 1973, immediately after purchase, this Royal Oak
A series underwent a PVD surface treatment to render it totally
black.
As it happens, around that same time the famous creative

director of the Fendi house, Karl Lagerfeld, was working in
Rome. Besides being renowned for his immense artistic talent,
Lagerfeld was also famous for wearing only two colors: black
and white. He was also known to have been one of the first
men of taste to appreciate the Royal Oak. Moreover, many
photos are known showing him wearing a Royal Oak completely
covered in black PVD. In fact, several iterations of this model
have been spotted on the designer’s wrist. In 1979, he was
notably photographed during the Chloé fashion show wearing
a black Royal Oak with the logo at 6 o’clock, identical in all
respects to the present watch.
Ref. 5402ST Royal Oak Jumbo “Karl Lagerfeld”
88. AUDEMARS PIGUET — A very distinctive blackened stainless steel wristwatch with date and
bracelet
Manufacturer Audemars Piguet After extensive research, carried out jointly by the current
Year 1973 owner and Audemars Piguet, our specialist team is led to
believe that the present watch is in all probability one of Mr.
Reference No. 5402ST Lagerfeld’s personal Royal Oaks. Our research has shown that
Movement No. 128’442 after the sale in Italy in 1973, the watch never reappeared on
Case No. 80254.A1254
the market – most likely because it was in the possession of the
Model Name Royal Oak Jumbo “Karl Lagerfeld”
original owner - until 1995. In 2013, a second Italian owner sold
Material Stainless steel with black PVD coating
this watch to a German dealer and in this same year, the current
owner discovered it in the window of the aforementioned
Bracelet/Strap Stainless steel with black PVD coating Audemars
dealer’s shop. Immediately fascinated by the watch, and
Piguet bracelet, max length 180mm
suspecting its history, he purchased it on the spot and went on
Clasp/Buckle Stainless steel with black PVD coating Audemars
to thoroughly research it to confirm its provenance.
Piguet deployant clasp
Presented today in excellent condition, it is fundamental to
point out that the PVD coating features signs of natural wear,
Estimate as expected from a watch which underwent PVD coating
CHF 100,000-200,000 in the 1970s, especially visible on the inside of the bracelet
$106,000-213,000 where the buckle rubs, there is an unvarying area of wear. It
€96,800-194,000
is a sign that the watch was most probably only worn by one
Accessories same person. Based on our research, that of the last owner
Accompanied by Audemars Piguet Service papers. Further and backed by the information gracefully made available to us
accompanied by Audemars Piguet and Phillips in Association with Bacs by Audemars Piguet, in our own opinion, many clues pointed
& Russo co-signed Royal Oak 50th Anniversary Attestation. to the Lagerfeld provenance, however the watch’s early years
remain surrounded in mystery, adding a layer of intrigue to this
historical timepiece.
Daniel SIMON/ Gamma-Rapho via Getty Images.

Ref. 5402ST Royal Oak Jumbo “Karl Lagerfeld”
39
Sizing Guide
and Index
Courtesy AP Chronicles
Launched in 1972, the Audemars Piguet Royal Oak was the world’s Four years later, in 1976 the first modification to the classic 39mm
first stainless steel luxury sports watch with a fully integrated case – which was considered huge for the period - was made with
bracelet. Designed overnight in response to an urgent request for the introduction of Ref 8638, a 29mm version focusing the female
an ‘unprecedented steel watch’, it was at the same time the most market. From 39mm down to 29mm, the Royal Oak gained again in
expensive stainless steel watch ever made. size with the introduction of the 35mm refer 14100 in 1977 and the
36mm ref 14700 in 1990.
The brand sought famed designer Gérald Genta, who developed a
brilliantly engineered, monobloc case, with a distinctively maritime Ever since, the Royal Oak has morphed into a design language
feel, featuring an octagonal bezel secured by eight hexagonal, and a full-fledged collection with various dimensions (20mm to
white gold screws, and a dial with tapisserie motif. 45mm), case metals, gemsetting, complications, manual and quartz
movements, the Royal Oak revealed an adaptability that was as
Looking back to 50 years ago, one can be surprised that upon its unexpected as it was extraordinary.
launch in 1972, the Royal Oak caused an immediate sensation. Like
all novel ideas, the watch was greeted with skepticism, it was a Since 1972 and its inception the Royal Oak alone accounts for more
watch the likes of which had not been seen before, and while today than 550 different models.
the Royal Oak is a legend, at the beginning it was more than a bet, it
was a true visionary revolution.
45mm 44mm
Reference/Lot No. References/Lot No.
25990: Lot 68 25865: Lot 27

25977: Lot 76
42mm 41mm
Reference/Lot No. References/Lot No.
26603: Lot 57 26518: Lot 85

26579: Lot 67
26603: Lot 13
References/Lot No.
5402: Lots 8, 32, 39, 46, 50, 52, 88 25659: Lot 72

5554: Lot 54 25686: Lots 17, 36, 47
14802: Lots 3, 10, 22, 59, 66, 79 25810: Lot 77
39mm 15002: Lots 34, 82 25820: Lots 20, 44, 65, 83, 86
15128: Lot 9 25829: Lots 21, 33, 80
15202: Lots 71, 74, 84 25860: Lots 16, 29, 62
15305: Lot 41 25960: Lot 43
15310: Lot 14 26022: Lot 73
25636: Lots 15, 42, 63 26120: Lot 45
25654: Lots 4, 7, 24, 40, 51, 61 26136: Lot 2
40mm 35mm 33.5mm
Reference/Lot No. Reference/Lot No. References/Lot No.
25831: Lot 30 4100: Lots 5, 31, 53 56343: Lot 64

56603: Lot 75
References/Lot No.
14332: Lot 26 15100: Lot 1

14544: Lots 28, 55 15189: Lot 23
14700: Lot 70 25572: Lot 19
36mm 14701: Lot 38 25595: Lot 25
14790: Lots 12, 49, 60, 81 25730: Lot 78
14812: Lot 35
33mm 26mm 20mm
References/Lot No. References/Lot No. Reference/Lot No.
15000: Lot 6 66240: Lot 37 67077: Lot 48

25800: Lot 69 66746: Lot 58
56175: Lot 18
56323: Lot 11
56431: Lot 87
Paddle Number 7 rue de la Confédération, 1204 Geneva
phillipswatches.com +41 22 317 8181
bidsgeneva@phillips.com
• Private Purchases: Proof of identity in the form of

government-issued identification and recent proof of address
will be required.
Please return this form by email to bidsgeneva@phillips.com at least 24 hours before the sale. • Company Purchases: If you are buying under a business entity, we
require a copy of government-issued identification (such as the
Please read carefully the information in the right column and note that it is important that you
certificate of incorporation) as well as proof of owners (including
indicate whether you are applying to bid as an individual or on behalf of a company. ultimate beneficial owners) and directors to verify the status of the
company. This should be accompanied by an official document
Please select the type of bid you wish to make with this form (please select one): confirming the company’s EU VAT registration number, if applicable.
In-person • Conditions Of Sale: All bids are placed and executed, and all lots
Absentee Bidding are sold and purchased, subject to the Conditions of Sale printed in
the catalogue. Please read them carefully before placing a bid. Your
Telephone Bidding attention is drawn to Paragraph 4 of the Conditions of Sale.
• If you cannot attend the sale, we can execute bids confidentially
Please indicate in what capacity you will be bidding (please select one): on your behalf.
As a private individual • Phillips charges the successful bidder a commission, or buyer’s
premium, on the hammer price of each lot sold. The buyer’s
On behalf of a company
premium is payable by the buyer as part of the total purchase
price at the following rates: 26% of the hammer price up to and
Sale Title Sale Number Sale Date including CHF600,000, 21% of the portion of the hammer
price above CHF600,000 up to and including CHF6,000,000
Title First Name Surname and 14.5% of the portion of the hammer price above
CHF6,000,000.
Company (if applicable) Account Number
• “Buy” or unlimited bids will not be accepted. Alternative bids can
Address be placed by using the word “OR” between lot numbers.
• For absentee bids, indicate your maximum limit for each lot,
excluding the buyer’s premium and any applicable VAT. Your bid
will be executed at the lowest price taking into account the
City State/Country
reserve and other bidders. On no reserve lots, in the absence of
other bids, your bid will be executed at approximately 50% of
Zip Code
the low pre-sale estimate or at the amount specified, if less than
Phone Mobile 50% of the low estimate.
• Your bid must be submitted in the currency of the sale and may
Email Fax be rounded down to the nearest amount consistent with the
auctioneer’s bidding increments.
Phone number to call at the time of sale (for Phone Bidding only)
• If we receive identical bids, the first bid received will take
1. 2. precedence.
• Arranging absentee and telephone bids is a free service provided
by us to prospective buyers. While we will exercise reasonable care
Please complete the following section for telephone and absentee bids only in undertaking such activity, we cannot accept liability for errors
relating to execution of your bids except in cases of wilful
Lot Number Brief Description Maximum Swiss Francs price*
misconduct. Agreement to bid by telephone must be confirmed by
In Consecutive Order Absentee Bids Only
you promptly in writing or by fax. Telephone bid lines may be
recorded.
• Please submit your bids to the Bid Department by email to
bidsgeneva@phillips.com or by fax at +41 22 317 8180 at least
24 hours before the sale. You will receive confirmation by
email within one business day. To reach the Bid Department by
phone please call +41 22 317 8181.
• Payment for lots can be made by credit card (up to
CHF100,000) using Visa, American Express or MasterCard, or
by wire transfer. Please note that credit cards are subject to a
surcharge.
• Lots cannot be collected until payment has cleared and all
charges have been paid.
• By signing this Bid Form, you acknowledge and understand that
we may process your personal data (including potentially special
category data) in accordance with Phillips’s Privacy Policy as
published at www.phillips.com or available by emailing
dataprotection@phillips.com.
• Phillips’s premises and sale and exhibition venues may be
subject to video surveillance and recording. Telephone calls
* Excluding Buyer’s Premium and VAT
(e.g., telephone bidding) may also be recorded. We may process
that information in accordance with our Privacy Policy.
Please tick this box to receive emails about upcoming sales,

Signature Date exhibitions, and special events offered by members of the Phillips
group, as referenced in our Privacy Policy available on our website
By ticking this box, you confirm your registration/bid(s) as above and accept the Conditions of Sale of Phillips as at www.phillips.com, where you may also update your email
stated in our catalogues and on our website. preferences or unsubscribe at any time.
Geneva Guide for Prospective Buyers
Buying at Auction prospective buyers to inspect the property at the pre-sale exhibitions and
The following pages are designed to offer you information on how to buy at auction recommend, particularly in the case of any lot of significant value, that you retain
at Phillips. Our staff will be happy to assist you. your own restorer or professional advisor to report to you on the property’s
condition prior to bidding. Moreover, condition reports are not exhaustive and may
Conditions of Sale not specify all mechanical replacements or imperfections to the movement, case,
The Conditions of Sale and Authorship Warranty which appear later in this dial, pendulum, separate bases(s) or dome. The absence of a condition report or
catalogue govern the auction. Bidders are strongly encouraged to read them as the absence of a reference to damage in the catalogue does not imply that the lot
they outline the legal relationship among Phillips, the seller and the buyer and is in good condition, working order or free from restoration or repair.
describe the terms upon which property is bought at auction. Please be advised
that Phillips generally acts as agent for the seller. Bidders should also read the Pre-Auction Viewing
Important Notices immediately following this Guide for Prospective Buyers. Pre-auction viewings are open to the public and free of charge. Our specialists are
available to give advice and condition reports at viewings or by appointment.
Buyer’s Premium and VAT
Phillips charges the successful bidder a commission, or buyer’s premium, on the Symbol Key
hammer price of each lot sold. The buyer’s premium is payable by the buyer as The following key explains the symbols you may see inside this catalogue.
part of the total purchase price at the following rates: 26% of the hammer price
up to and including CHF600,000, 21% of the portion of the hammer price above O Guaranteed Property
CHF600,000 up to and including CHF6,000,000 and 14.5% of the portion of the Lots designated with the symbol ○ are the subject of a minimum price guarantee.
hammer price above CHF6,000,000. In such cases Phillips has guaranteed to the seller of the lot that regardless of
the outcome of the sale the seller shall receive no less than a minimum sum. This
Value added tax (VAT) of 7.7% is payable on the hammer price and the buyer’s guarantee may be provided solely by Phillips or jointly with a third party.
premium. This tax is refunded to any buyer domiciled outside Switzerland if, but
only if, Phillips receives from such buyer an export declaration in respect of a ♦ Third Party Guarantee
purchased lot which has been stamped by Swiss customs. Where Phillips has agreed to a minimum price guarantee it assumes the financial
risk of a lot failing to sell or selling for less than the minimum price guarantee.
The purchase price payable for any lot is the sum of the hammer price plus the Because the sums involved can be significant Phillips may choose to share the
buyer’s premium plus VAT. burden of that financial risk with a third party. The third party shares the risk by
committing in advance of the sale, usually by way of a written bid, to buy the lot for
1 Prior to Auction an agreed amount whether or not there are competing bidders for the lot. If there
are competing bidders third party guarantors may also bid above any written bid.
Catalogue Subscriptions In this way the third-party guarantor assumes the risk of the bidding not reaching
If you would like to purchase a catalogue for this auction or any other Phillips sale, the amount of the minimum price guarantee.
please contact us at +41 22 317 8181, +44 20 7318 4010 or +1 212 940 1240.
In return for underwriting or sharing this risk Phillips will usually compensate the
Pre-Sale Estimates third party. The compensation may be in the form of a fixed fee or an amount
Pre-sale estimates are intended as a guide for prospective buyers. Any bid within calculated by reference to the hammer price of the lot. If the third-party guarantor
the high and low estimate range should, in our opinion, offer a chance of success. is the successful bidder Phillips will report the purchase price net of any fees paid
However, many lots achieve prices below or above the pre-sale estimates. Where to the third-party guarantor.
‘Estimate on Request’ appears, please contact the specialist department for
further information. It is advisable to contact us closer to the time of the auction as Δ Property in which Phillips has an Ownership Interest
estimates can be subject to revision. Pre-sale estimates do not include the buyer’s Lots with this symbol indicate that Phillips owns the lot in whole or in part or has an
premium or VAT. economic interest in the lot equivalent to an ownership interest.
Pre-Sale Estimates in US Dollars and Euros

Although the sale is conducted in Swiss francs, the pre-sale estimates in the
• No Reserve
Unless indicated by a •, all lots in this catalogue are offered subject to a reserve.
auction catalogues may also be printed in US dollars and/or euros. Since the A reserve is the confidential value established between Phillips and the seller and
exchange rate is that at the time of catalogue production and not at the date of below which a lot may not be sold. The reserve for each lot is generally set at a
auction, you should treat estimates in US dollars or euros as a guide only. percentage of the low estimate and will not exceed the low pre-sale estimate.
Catalogue Entries ∑ Endangered Species

Phillips may print in the catalogue entry the history of ownership of a work of Lots with this symbol have been identified at the time of cataloguing as containing
art, as well as the exhibition history of the property and references to the work endangered or other protected species of wildlife which may be subject to
in art publications. While we are careful in the cataloguing process, provenance, restrictions regarding export or import and which may require permits for export
exhibition and literature references may not be exhaustive and in some cases we as well as import. Please refer to Paragraph 4 of the Guide for Prospective Buyers
may intentionally refrain from disclosing the identity of previous owners. Please and Paragraph 11 of the Conditions of Sale.
note that all dimensions of the property set forth in the catalogue entry are
approximate. Ж Property Subject to US Import Tariffs
Lots with this symbol indicate that the Property may be subject to additional
Condition of Lots tariffs upon importation into the United States of America. See paragraph 12 of
Our catalogues include references to condition only in the descriptions of multiple the Conditions of Sale.
works (e.g., prints). Such references, though, do not amount to a full description
of condition. The absence of reference to the condition of a lot in the catalogue 2 Bidding in the Sale
entry (including those accessed via QR Codes appearing in the catalogue) does
not imply that the lot is free from faults or imperfections. Solely as Bidding at Auction
a convenience to clients, Phillips may provide condition reports. In preparing Bids may be executed during the auction in person by paddle, by telephone,
such reports, our specialists assess the condition in a manner appropriate to the online or prior to the sale in writing by absentee bid. Proof of identity in the form of
estimated value of the property. While condition reports are prepared honestly government-issued identification will be required, as will an original signature and
and carefully, our staff are not professional restorers. We therefore encourage all recent proof of address. We may also require that you furnish us with a bank reference.
Undisclosed agreements between bidders to bid or abstain from bidding on lots The Auctioneer may vary the increments during the course of the auction at his or
are illegal. Please note that Phillips monitors its sales and bidding records to her own discretion.
ensure that bidding is transparent and fair and will take appropriate action in the
event of any suspected breach of this requirement. 3 The Auction
Bidding in Person Conditions of Sale

To bid in person, you will need to register for and collect a paddle before the As noted above, the auction is governed by the Conditions of Sale and Authorship
auction begins. New clients are encouraged to register at least 48 hours in Warranty. All prospective bidders should read them carefully. They may be
advance of a sale to allow sufficient time for us to process your information. All amended by saleroom addendum or Auctioneer’s announcement.
lots sold will be invoiced to the name and address to which the paddle has been
registered and invoices cannot be transferred to other names and addresses. Interested Parties Announcement
Please do not misplace your paddle. In the event you lose it, inform a Phillips staff In situations where a person allowed to bid on a lot has a direct or indirect interest
member immediately. At the end of the auction, please return your paddle to the in such lot, such as the beneficiary or executor of an estate selling the lot, a joint
registration desk. owner of the lot or a party providing or participating in a guarantee on the lot,
Phillips will make an announcement in the saleroom that interested parties may
Bidding by Telephone bid on the lot.
If you cannot attend the auction, you may bid live on the telephone with one of
our multilingual staff members. This service must be arranged at least 24 hours Consecutive and Responsive Bidding
in advance of the sale and is available for lots whose low pre-sale estimate is at The Auctioneer may open the bidding on any lot by placing a bid on behalf of the
least CHF1,000. Telephone bids may be recorded. By bidding on the telephone, seller. The Auctioneer may further bid on behalf of the seller up to the amount of
you consent to the recording of your conversation. We suggest that you leave a the reserve by placing consecutive bids or bids in response to other bidders.
maximum bid, excluding the buyer’s premium and VAT, which we can execute on
your behalf in the event we are unable to reach you by telephone. No Reserve Lots
If a lot is offered without reserve, unless there are already competing absentee
Online Bidding bids, the Auctioneer will generally open the bidding at 50% of the lot’s low pre-
If you cannot attend the auction in person, you may bid online on our online sale estimate. In the absence of a bid at that level, the Auctioneer will proceed
live bidding platform available on our website at www.phillips.com. The digital backwards at his or her discretion until a bid is recognized and will then advance
saleroom is optimized to run on Google Chrome, Firefox, Opera and Internet the bidding from that amount. Absentee bids on no reserve lots will, in the absence
Explorer browsers. Clients who wish to run the platform on Safari will need to of a higher bid, be executed at approximately 50% of the low pre-sale estimate or
install Adobe Flash Player. Follow the links to ‘Auctions’ and ‘Digital Saleroom’ and at the amount of the bid if it is less than 50% of the low pre-sale estimate. If there
then pre-register by clicking on ‘Register to Bid Live.’ The first time you register is no bid whatsoever on a no reserve lot, the Auctioneer may deem such lot unsold.
you will be required to create an account; thereafter you will only need to register
for each sale. You must pre-register at least 24 hours before the start of the auction 4 After the Auction
in order to be approved by our bid department. Please note that corporate firewalls
may cause difficulties for online bidders. Payment
Buyers are required to pay for purchases immediately following the auction
Absentee Bids unless other arrangements have been agreed with Phillips in writing in advance
If you are unable to attend the auction and cannot participate by telephone, Phillips of the sale. Payment must be made in Swiss francs by wire transfer, as noted in
will be happy to execute written bids on your behalf. A bidding form can be found at Paragraph 6 of the Conditions of Sale. Neither cash nor cheques will be accepted.
the back of this catalogue. This service is free and confidential. Bids must be placed
in the currency of the sale. Our staff will attempt to execute an absentee bid at the Credit Cards
lowest possible price taking into account the reserve and other bidders. Always As a courtesy to clients, Phillips will accept American Express, Visa, MasterCard,
indicate a maximum bid, excluding the buyer’s premium and VAT. Unlimited bids will and CUP (in person transactions only for CUP) to pay for invoices of CHF100,000 or
not be accepted. Any absentee bid must be received at least 24 hours in advance of less. A processing fee will apply.
the sale. In the event of identical bids, the earliest bid received will take precedence.
Collection
Employee Bidding It is our policy to request proof of identity on collection of a lot. A lot will be
Employees of Phillips and our affiliated companies, including the huissier or the released to the buyer or the buyer’s authorized representative when Phillips has
auctioneer (the ‘Auctioneer’), may bid at the auction by placing absentee bids so received full and cleared payment and we are not owed any other amount by the
long as they do not know the reserve when submitting their absentee bids and buyer. After the auction, all lots will be kept at our premises.
otherwise comply with our employee bidding procedures.
Loss or Damage
Bidding Increments Buyers are reminded that Phillips accepts liability for loss or damage to lots for a
Bidding generally opens below the low estimate and advances in increments of up maximum of seven days following the auction.
to 10%, subject to the Auctioneer’s discretion. Absentee bids that do not conform
to the increments set below may be lowered to the next bidding increment. Transport and Shipping
As a free service for buyers, Phillips will wrap purchased lots for hand carry only.
CHF50 to CHF1,000 by CHF50s We do not provide packing, handling or shipping services directly. However, we
CHF1,000 to CHF2,000 by CHF100s will coordinate with shipping agents instructed by you in order to facilitate the
CHF2,000 to CHF3,000 by CHF200s packing, handling and shipping of property purchased at Phillips. Please refer to
CHF3,000 to CHF5,000 by CHF200s, 500, 800 (i.e., CHF4,200, 4,500, 4,800) Paragraph 7 of the Conditions of Sale for more information.
CHF5,000 to CHF10,000 by CHF500s
CHF10,000 to CHF20,000 by CHF1,000s Export and Import
CHF20,000 to CHF30,000 by CHF2,000s Before bidding for any property, prospective bidders are advised to make
CHF30,000 to CHF50,000 by CHF2,000s, 5,000, 8,000 independent enquiries as to whether a licence is required to export the property
CHF50,000 to CHF100,000 by CHF5,000s from Switzerland or to import it into another country. It is the buyer’s sole
CHF100,000 to CHF200,000 by CHF10,000s responsibility to comply with all import and export laws and to obtain any
above CHF200,000 at the Auctioneer’s discretion
Important Notices
necessary licences or permits. The denial of any required licence or permit or any Condition
delay in obtaining such documentation will not justify the cancellation of the sale Phillips makes no representation or warranty that any watch or clock is in working
or any delay in making full payment for the lot. order, and no catalogue description (appearing in the catalogue or accessed via
a QR Code) of any lot should be construed as so stating,. Prospective buyers
Buyers should note that the export of items offered for sale in this Auction to are advised to have watches and clocks checked by a competent watchmaker or
certain countries (including Russia and Belarus) may be prohibited pursuant to watch or clock restorer before use. As a service to prospective buyers, we may
Government sanctions and other regulatory measures in force from time to time. provide a description of the condition of watches and clocks in the catalogue
entry (appearing in the catalogue or accessed via a QR Code) including references
Regulated Species to defects and repairs, and furnish a condition report, but such information is
Items made of or incorporating plant or animal material, such as coral, crocodile, not necessarily complete and may not specify all mechanical replacements,
ivory, whalebone, Brazilian rosewood, rhinoceros horn or tortoiseshell, restorations or defects. Please note that Phillips does not guarantee the
irrespective of age, percentage or value, may require a licence or certificate authenticity of any individual components parts, such as wheels, hands, crowns,
prior to exportation and additional licences or certificates upon importation crystals, screws, bracelets and leather bands, since prior repairs and restoration
to the US or to any country within or outside the European Union (EU). Please work may have resulted in the replacement of original parts. Nor does Phillips
note that the ability to obtain an export licence or certificate does not ensure warrant that watches in water- resistant cases are currently water-resistant.
the ability to obtain an import licence or certificate in another country, and vice Prospective buyers should inspect all watches and clocks prior to the auction to
versa. We suggest that prospective bidders check with their own government evaluate the condition of property offered for sale.
regarding wildlife import requirements prior to placing a bid. It is the buyer’s sole
responsibility to obtain any necessary export or import licences or certificates Exportation of Watch Bands Incorporating Material from Regulated Species
as well as any other required documentation. Please note that the US prohibits Some of the watches offered for sale in the catalogue may have bands made of
the importation of any item containing African elephant ivory. Asian elephant endangered or protected animal materials, such as alligator or crocodile, and may
ivory may be imported in to the US only if accompanied by independent scientific not lawfully be exported from the auction site without a CITES export permit.
analysis regarding continent of origin and confirmation the object is more than As explained in Paragraph 4 of the Guide for Prospective Buyers, these lots are
100 years old. We have not obtained a scientific analysis on any lot prior to sale marked with ∑ in the catalogue. Accordingly, for purchased watches that are to be
and cannot indicate whether elephant ivory in a particular lot is African or Asian shipped out of the sale site for delivery, Phillips may need to remove and retain the
elephant. Buyers purchase these lots at their own risk and will be responsible for band before shipping the watch and buckle.
the costs of obtaining any scientific analysis or other report required in connection
with their proposed import of such property into the US. Authenticity Certificates
Certain manufacturers do not issue certificates of authenticity, and Phillips
With regard to any item containing endangered species other than elephant has no obligation to furnish a buyer with a certificate of authenticity from the
ivory, an importer into the US must provide documented evidence of the species manufacturer, except when specifically noted in the catalogue. Unless Phillips
identification and age of an object in order to demonstrate that the object qualifies is satisfied that we should cancel the sale in accordance with the Authorship
as an antique. This will require the buyer to obtain an independent appraisal Warranty provided in the Conditions of Sale, the failure of a manufacturer to issue
certifying the species of endangered material on the object and certifying that the a certificate will not constitute grounds for cancellation of the sale.
object is not less than 100 years of age. A prospective buyer planning to import an
object into the US may not rely on Phillips cataloguing to establish the species of
endangered material on the object or to establish the age of the object and must
consult with a qualified independent appraiser prior to placing a bid on the lot.
Please note that lots containing potentially regulated plant or animal material are
marked as a convenience to our clients, but Phillips does not accept liability for
errors or for failing to mark lots containing protected or regulated species.
Privacy
Our Privacy Policy is available at www.phillips.com or by emailing dataprotection@
phillips.com and sets out: (i) the types of personal data we will or may collect and
process; (ii) the purposes for which we will or may process your personal data; (iii)
the lawful bases we rely on when processing your personal data; (iv) your rights in
respect of our processing of your personal data; and (v) various other information
as required by applicable laws.
Phillips premises, sale, and exhibition venues are subject to CCTV video
surveillance and recording for security, client service and bid monitoring purposes.
Phillips’ auctions will be filmed for simultaneous live broadcast on Phillips’ and
third party websites and applications.
Your communications with Phillips, including by phone and online (e.g. phone and
on-line bidding) may be recorded for security, client service and bid monitoring
purposes. Where we record such information we will process it in accordance with
our Privacy Policy.
Conditions of Sale (d) Information provided to prospective buyers in respect of any lot, including
any pre-sale estimate, whether written or oral, and information in any catalogue,
The Conditions of Sale and Authorship Warranty set out below govern the condition or other report, commentary or valuation, is not a representation of
relationship between bidders and buyers, on the one hand, and Phillips Fine fact but rather a statement of opinion held by Phillips. Any pre-sale estimate may
Watches Limited (Geneva branch) registered in Geneva under number 380214667 not be relied on as a prediction of the selling price or value of the lot and may be
(“Phillips”) and sellers, on the other hand. All prospective buyers should read revised from time to time by Phillips at our absolute discretion. Neither Phillips nor
these Conditions of Sale, the Important Notices immediately following the Guide any of our affiliated companies shall be liable for any difference between the pre-
for Prospective Buyers and the Authorship Warranty carefully before bidding. sale estimates for any lot and the actual price achieved at auction or upon resale.
4 Bidding at Auction
1 Introduction
(a) Phillips has absolute discretion to refuse admission to the auction or
Each lot in this catalogue is offered for sale and sold subject to: (a) the Conditions
participation in the sale. All bidders must register for a paddle prior to bidding,
of Sale and Authorship Warranty; (b) additional notices and terms in other places
supplying such information and references as required by Phillips.
in this catalogue, including the Guide for Prospective Buyers and Important
Notices (c) supplements to this catalogue including information accessed via (b) As a convenience to bidders who cannot attend the auction in person, Phillips
QR Codes appearing in this catalogue, and (d) other written material posted may, if so instructed by the bidder, execute written absentee bids on a bidder’s
by Phillips in the saleroom, in each case as amended by any addendum or behalf. Absentee bidders are required to submit bids on the ‘Absentee Bid Form’,
announcement by the auctioneer prior to the auction. a copy of which is printed in this catalogue or otherwise available from Phillips.
Bids must be placed in the currency of the sale. The bidder must clearly indicate
By bidding at the auction, whether in person, through an agent, by written bid, the maximum amount he or she intends to bid, excluding the buyer’s premium and
by telephone bid or other means, bidders and buyers agree to be bound by these value added tax (VAT). The huissier or auctioneer (the ‘Auctioneer’) will not accept
Conditions of Sale, as so changed or supplemented, and Authorship Warranty. an instruction to execute an absentee bid which does not indicate such maximum
bid. Our staff will attempt to execute an absentee bid at the lowest possible price
These Conditions of Sale, as so changed or supplemented, and Authorship Warranty taking into account the reserve and other bidders. Any absentee bid must be
contain all the terms on which Phillips and the seller contract with the buyer. received at least 24 hours in advance of the sale. In the event of identical bids, the
earliest bid received will take precedence.
2 Phillips As Agent
(c) Telephone bidders are required to submit bids on the ‘Telephone Bid Form’,
Phillips acts as an agent for the seller, unless otherwise indicated in this catalogue
a copy of which is printed in this catalogue or otherwise available from Phillips.
or at the time of auction. On occasion, Phillips may own a lot directly, in which
Telephone bidding is available for lots whose low pre-sale estimate is at least
case we will act in a principal capacity as a consignor, or a company affiliated with
CHF1000. Phillips reserves the right to require written confirmation of a successful
Phillips may own a lot, in which case we will act as agent for that company, or
bid from a telephone bidder by fax or otherwise immediately after such bid is
Phillips or an affiliated company may have a legal, beneficial or financial interest in
accepted by the Auctioneer. Telephone bids may be recorded and, by bidding on
a lot as a secured creditor or otherwise.
the telephone, a bidder consents to the recording of the conversation.
3 Catalogue Descriptions and Condition of Property (d) Bidders may participate in an auction by bidding online through Phillips’s online
Lots are sold subject to the Authorship Warranty, as described in the catalogue live bidding platform available on our website at www.phillips.com. To bid online,
(unless such description is changed or supplemented, as provided in Paragraph 1 bidders must register online at least 24 hours before the start of the auction. Online
above) and in the condition that they are in at the time of the sale on the bidding is subject to approval by Phillips’s bid department in our sole discretion.
following basis. As noted in Paragraph 3 above, Phillips encourages online bidders to inspect prior
to the auction any lot(s) on which they may bid, and condition reports are available
(a) The knowledge of Phillips in relation to each lot is partially dependent upon request. Bidding in a live auction can progress quickly. To ensure that online
on information provided to us by the seller, and Phillips is not able to and bidders are not placed at a disadvantage when bidding against bidders in the room
does not carry out exhaustive due diligence on each lot. Prospective buyers or on the telephone, the procedure for placing bids through Phillips’s online bidding
acknowledge this fact and accept responsibility for carrying out inspections platform is a one-step process. By clicking the bid button on the computer screen, a
and investigations to satisfy themselves as to the lots in which they may be bidder submits a bid. Online bidders acknowledge and agree that bids so submitted
interested. Notwithstanding the foregoing, we shall exercise such reasonable care are final and may not under any circumstances be amended or retracted. During a
when making express statements in catalogue descriptions or condition reports live auction, when bids other than online bids are placed, they will be displayed on
(including those accessed via QR Codes appearing in this catalogue) as consistent the online bidder’s computer screen as ‘floor’ bids. ‘Floor’ bids include bids made
with our role as auctioneer of lots in this sale and in light of (i) the information by the auctioneer to protect the reserve. In the event that an online bid and a ‘floor’
provided to us by the seller, (ii) scholarship and technical knowledge and (iii) the or ‘phone’ bid are identical, the ‘floor’ bid may take precedence at the Auctioneer’s
generally accepted opinions of relevant experts, in each case at the time any such discretion. The next bidding increment is shown for the convenience of online
express statement is made. bidders in the bid button. The bidding increment available to online bidders may
vary from the next bid actually taken by the Auctioneer, as the Auctioneer may
(b) Each lot offered for sale at Phillips is available for inspection by prospective deviate from Phillips’s standard increments at any time at his or her discretion,
buyers prior to the auction. Phillips accepts bids on lots on the basis that bidders but an online bidder may only place a bid in a whole bidding increment. Phillips’s
(and independent experts on their behalf, to the extent appropriate given the bidding increments are published in the Guide for Prospective Buyers.
nature and value of the lot and the bidder’s own expertise) have fully inspected
the lot prior to bidding and have satisfied themselves as to both the condition of (e) When making a bid, whether in person, by absentee bid, on the telephone or
the lot and the accuracy of its description. online, a bidder accepts personal liability to pay the purchase price, as described
more fully in Paragraph 6 (a) below, plus all other applicable charges.
(c) Prospective buyers acknowledge that many lots are of an age and type which (f) By participating in the auction, whether in person, by absentee bid, on the
means that they are not in perfect condition. As a courtesy to clients, Phillips telephone or online, each prospective buyer represents and warrants that any
may prepare and provide condition reports to assist prospective buyers when bids placed by such person, or on such person’s behalf, are not the product of any
they are inspecting lots. Catalogue descriptions and condition reports (including collusive or other anti-competitive agreement and are otherwise consistent with
those accessed via QR Codes appearing in this catalogue) may make reference federal and state antitrust law.
to particular imperfections of a lot, but bidders should note that lots may have
other faults not expressly referred to in the catalogue or condition report. All (g) Arranging absentee, telephone and online bids is a free service provided by
dimensions are approximate. Illustrations are for identification purposes only and Phillips to prospective buyers. While we undertake to exercise reasonable care in
cannot be used as precise indications of size or to convey full information as to the undertaking such activity, we cannot accept liability for failure to execute such bids
actual condition of lots. except where such failure is caused by our willful misconduct.
(h) Employees of Phillips and our affiliated companies, including the Auctioneer, (c) Unless otherwise agreed, a buyer is required to pay for a purchased lot
may bid at the auction by placing absentee bids so long as they do not know the immediately following the auction regardless of any intention to obtain an export
reserve when submitting their absentee bids and otherwise comply with our or import license or other permit for such lot. Payments must be made by the
employee bidding procedures. invoiced party in Swiss francs by wire transfer in accordance with the bank transfer
details provided on the invoice for purchased lots.
5 Conduct of the Auction
(a) Unless otherwise indicated by the symbol •, each lot is offered subject to a (d) As a courtesy to clients, Phillips will accept American Express, Visa,
reserve, which is the confidential minimum selling price agreed by Phillips with MasterCard, and CUP (in person transactions only for CUP) to pay for invoices of
the seller. The reserve will not exceed the low pre-sale estimate at the time of CHF100,000 or less. A processing fee will apply.
the auction.
(e) Title in a purchased lot will not pass until Phillips has received the Purchase
(b) The Auctioneer has discretion at any time to refuse any bid, withdraw any lot, Price for that lot in cleared funds. Phillips is not obliged to release a lot to the
re-offer a lot for sale (including after the fall of the hammer) if he or she believes buyer until title in the lot has passed and appropriate identification has been
there may be error or dispute and take such other action as he or she deems provided, and any earlier release does not affect the passing of title or the buyer’s
reasonably appropriate. Phillips shall have no liability whatsoever for any such unconditional obligation to pay the Purchase Price.
action taken by the Auctioneer. If any dispute arises after the sale, our sale record
is conclusive. The Auctioneer may accept bids made by a company affiliated with 7 Collection of Property
Phillips provided that the bidder does not know the reserve placed on the lot. (a) Phillips will not release a lot to the buyer until we have received payment of its
Purchase Price in full in cleared funds, the buyer has paid all outstanding amounts
(c) The Auctioneer will commence and advance the bidding at levels and in due to Phillips or any of our affiliated companies, including any charges payable
increments he or she considers appropriate. In order to protect the reserve on pursuant to Paragraph 8 (a) below, and the buyer has satisfied such other terms
any lot, the Auctioneer may place one or more bids on behalf of the seller up to as we in our sole discretion shall require, including providing information and
the reserve without indicating he or she is doing so, either by placing consecutive documentation we require to satisfy our customer due diligence and verification
bids or bids in response to other bidders. If a lot is offered without reserve, unless checks for Know Your Customer compliance purposes and completing any anti-
there are already competing absentee bids, the Auctioneer will generally open the money laundering, anti-terrorism financing and sanctions checks. As soon as
bidding at 50% of the lot’s low pre-sale estimate. In the absence of a bid at that a buyer has satisfied all of the above conditions, he or she should contact us at
level, the Auctioneer will proceed backwards at his or her discretion until a bid is +41 22 317 8181 to arrange for collection of purchased property.
recognized and will then advance the bidding from that amount. Absentee bids on
no reserve lots will, in the absence of a higher bid, be executed at approximately (b) The buyer must arrange for collection of a purchased lot within seven days
50% of the low pre-sale estimate or at the amount of the bid if it is less than 50% of the date of the auction. After the auction, all lots will be kept at our premises.
of the low pre-sale estimate. If there is no bid whatsoever on a no reserve lot, the Purchased lots are at the buyer’s risk, including the responsibility for insurance,
Auctioneer may deem such lot unsold. from (i) the date of collection or (ii) seven days after the auction, whichever is the
earlier. Until risk passes, Phillips will compensate the buyer for any loss or damage
(d) The sale will be conducted in Swiss francs and payment is due in Swiss francs. to a purchased lot up to a maximum of the Purchase Price paid, subject to our
For the benefit of international clients, pre-sale estimates in the auction catalogue usual exclusions for loss or damage to property.
may be shown in US dollars and/or euros and, if so, will reflect approximate
exchange rates. Accordingly, estimates in US dollars or euros should be treated (c) As a courtesy to clients, Phillips will, without charge, wrap purchased lots
only as a guide. If a currency converter is operated during the sale, it is done so for hand carry only. We do not provide packing, handling, insurance or shipping
as a courtesy to bidders, but Phillips accepts no responsibility for any errors in services. We will coordinate with shipping agents instructed by the buyer, whether
currency conversion calculation. or not recommended by Phillips, in order to facilitate the packing, handling,
insurance and shipping of property bought at Phillips. Any such instruction is
(e) Subject to the Auctioneer’s reasonable discretion, the highest bidder accepted entirely at the buyer’s risk and responsibility, and we will not be liable for acts or
by the Auctioneer will be the buyer and the striking of the hammer marks the omissions of third party packers or shippers. Property will be collected by the buyer
acceptance of the highest bid and the conclusion of a contract for sale between the at the point it is released in the sale location by Phillips to the buyer or to a third-
seller and the buyer. Risk and responsibility for the lot passes to the buyer as set party shipper acting for the buyer. The buyer is responsible for paying any import
forth in Paragraph 7 below. duties and local taxes payable to import the Property to its final destination.
(f) If a lot is not sold, the Auctioneer will announce that it has been ‘passed’, (d) Phillips will require presentation of government-issued identification prior to
‘withdrawn’, ‘returned to owner’ or ‘bought-in’. release of a lot to the buyer or the buyer’s authorized representative.
(g) Any post-auction sale of lots offered at auction shall incorporate these 8 Failure to Collect Purchases
Conditions of Sale and Authorship Warranty as if sold in the auction. (a) If the buyer pays the Purchase Price but fails to collect a purchased lot within 30
days of the auction, the buyer will incur a late collection fee of CHF10 per day for
6 Purchase Price and Payment each uncollected lot. We will not release purchased lots to the buyer until all such
(a) The buyer agrees to pay us, in addition to the hammer price of the lot, the charges have been paid in full.
buyer’s premium, plus any applicable value added tax (VAT) (the ‘Purchase
Price’). The buyer’s premium is 26% of the hammer price up to and including (b) If a purchased lot is paid for but not collected within six months of the auction,
CHF600,000, 21% of the portion of the hammer price above CHF600,000 up to the buyer authorizes Phillips, upon notice, to arrange a resale of the item by
and including CHF6,000,000 and 14.5% of the portion of the hammer price above auction or private sale, with estimates and a reserve set at Phillips’s reasonable
CHF6,000,000. Phillips reserves the right to pay from our compensation an discretion. The proceeds of such sale will be applied to pay for storage charges
introductory commission to one or more third parties for assisting in the sale of and any other outstanding costs and expenses owed by the buyer to Phillips or our
property offered and sold at auction. affiliated companies and the remainder will be forfeited unless collected by the
buyer within two years of the original auction.
(b) VAT of 7.7% is payable on the hammer price plus buyer’s premium. This tax is
refunded to any buyer domiciled outside Switzerland if, but only if, Phillips receives 9 Remedies for Non-Payment
from such buyer an export declaration in respect of a purchased lot which has been (a) Without prejudice to any rights the seller may have, if the buyer without prior
stamped by Swiss customs. All prices, fees, charges and expenses set out in these agreement fails to make payment of the Purchase Price for a lot in cleared funds
Conditions of Sale are quoted exclusive of VAT. within seven days of the auction, Phillips may in our sole discretion exercise one or
more of the following remedies: (i) store the lot at Phillips‘s premises or elsewhere With regard to any item containing endangered species other than elephant
at the buyer’s sole risk and expense; (ii) cancel the sale of the lot, retaining any ivory, an importer into the US must provide documented evidence of the species
partial payment of the Purchase Price as liquidated damages; (iii) reject future bids identification and age of an object in order to demonstrate that the item qualifies
from the buyer or render such bids subject to payment of a deposit; (iv) charge as an antique. This will require the buyer to obtain an independent appraisal
interest at 12% per annum from the date payment became due until the date certify the species of endangered material on the object and certifying that the
the Purchase Price is received in cleared funds; (v) subject to notification of the object is not less than 100 years of age. A prospective buyer planning to import
buyer, exercise a lien over any of the buyer’s property which is in the possession an object containing endangered species into the US may not rely on Phillips
of Phillips and instruct our affiliated companies to exercise a lien over any of the cataloguing to establish the species of endangered material on the object or to
buyer’s property which is in their possession and, in each case, no earlier than 30 establish the age of the object and must consult with a qualified independent
days from the date of such notice arrange the sale of such property and apply the appraiser prior to placing a bid on the lot.
proceeds to the amount owed to Phillips or any of our affiliated companies after
the deduction from sale proceeds of our standard vendor’s commission, all sale- It is solely the buyer’s responsibility to comply with these laws and to obtain any
related expenses and any applicable taxes thereon; (vi) resell the lot by auction or necessary export, import and endangered species licences or permits. Failure to
private sale, with estimates and a reserve set at Phillips’s reasonable discretion, it obtain a licence or permit or delay in so doing will not justify the cancellation of the
being understood that in the event such resale is for less than the original hammer sale or any delay in making full payment for the lot. As a courtesy to clients, Phillips
price and buyer’s premium for that lot, the buyer will remain liable for the shortfall has marked in the catalogue lots containing potentially regulated plant or animal
together with all costs incurred in such resale; (vii) commence legal proceedings material, but we do not accept liability for errors or for failing to mark lots containing
to recover the hammer price and buyer’s premium for that lot, together with protected or regulated species.
interest and the costs of such proceedings; (viii) set off the outstanding amount
remaining unpaid by the buyer against any amounts which we or any of our Export, Import, Sales and/or Use Taxes
affiliated companies may owe the buyer in any other transactions; (ix) release the Buyers should note that they are responsible for all charges, duties and taxes
name and address of the buyer to the seller to enable the seller to commence legal related to the exportation and importation of lots shipped by them or shipped on
proceedings to recover the amounts due and legal costs; or (x) take such other their behalf, including any applicable Sales and/or Use Taxes which may be due on
action as we deem necessary or appropriate. importing the property to the United States.
(b) The buyer irrevocably authorizes Phillips to exercise a lien over the buyer’s Export and Import Bans and Restrictions
property which is in our possession upon notification by any of our affiliated Buyers should note that the export of items offered for sale in this Auction to
companies that the buyer is in default of payment. Phillips will notify the buyer certain countries (including Russia and Belarus) may be prohibited pursuant to
Government sanctions and other regulatory measures in force from time to time.
of any such lien. The buyer also irrevocably authorizes Phillips, upon notification
Please contact the department organising the auction for further details.
by any of our affiliated companies that the buyer is in default of payment, to
pledge the buyer’s property in our possession by actual or constructive delivery
12. US Imports
to our affiliated company as security for the payment of any outstanding amount
Customs Tariffs
due. Phillips will notify the buyer if the buyer’s property has been delivered to an
Buyers intending to import property into the United States of America should note
affiliated company by way of pledge. that US Customs may charge an additional import duty upon the importation of
(i) products manufactured or created in mainland China and (ii) printed materials
(c) If the buyer is in default of payment, the buyer irrevocably authorizes Phillips
(including photographs, prints, lithographs, books and designs) printed in the UK
to instruct any of our affiliated companies in possession of the buyer’s property to
or Germany.
deliver the property by way of pledge as the buyer’s agent to a third party instructed
by Phillips to hold the property on our behalf as security for the payment of the Phillips will mark with a symbol lots which may be subject to additional US import
Purchase Price and any other amount due and, no earlier than 30 days from the tariffs, where this is known to us. Please note, however, that any such markings
date of written notice to the buyer, to sell the property in such manner and for such are done by us only as a convenience to bidders. Phillips does not accept liability
consideration as can reasonably be obtained on a forced sale basis and to apply the for errors including failing to mark lots accurately or for the absence of any marking.
proceeds to any amount owed to Phillips or any of our affiliated companies after the
deduction from sale proceeds of our standard vendor’s commission, all sale-related 13 Privacy
expenses and any applicable taxes thereon. (a) You acknowledge and understand that we may process your personal data
(including potentially special category data) in accordance with our privacy policy
10 Rescission by Phillips from time to time as published at www.phillips.com or available by emailing
Phillips shall have the right, but not the obligation, to rescind a sale without notice dataprotection@phillips.com.
to the buyer if we reasonably believe that there is a material breach of the seller’s
representations and warranties or the Authorship Warranty or an adverse claim (b) Our privacy policy sets out: (i) the types of personal data we will or may collect
is made by a third party. Upon notice of Phillips election to rescind the sale, the and process; (ii) the purposes for which we will or may process your personal data
buyer will promptly return the lot to Phillips, and we will then refund the Purchase (including for example the provision of auction, private sale and related services;
Price paid to us. As described more fully in Paragraph 13 below, the refund shall the performance and enforcement of these terms and conditions; the carrying
constitute the sole remedy and recourse of the buyer against Phillips and the seller out of identity and credit checks; keeping you informed about upcoming auctions,
with respect to such rescinded sale. exhibitions and special events; and generally where reasonably necessary in the
management and operation of our business); (iii) the lawful bases on which we rely
11 Export, Import and Endangered Species Licences and Permits
in undertaking our processing of your personal data; (iv) your rights in respect of
Before bidding for any property, prospective buyers are advised to make their
our processing of your personal data; and (v) various other information as required
own enquiries as to whether a licence is required to export a lot from Switzerland
by applicable laws.
or to import it into another country. Prospective buyers are advised that some
countries prohibit the import of property made of or incorporating plant or animal
(c) Phillips premises and sale and exhibition venues are subject to CCTV video
material, such as coral, crocodile, ivory, whalebone, Brazilian rosewood, rhinoceros
surveillance and recording for security, client service and bid monitoring purposes
horn or tortoiseshell, irrespective of age, percentage or value. Accordingly, prior
and will be filmed during the auction for simultaneous live broadcast on our
to bidding, prospective buyers considering export of purchased lots should
and third party websites and applications. By remaining in these areas, you
familiarize themselves with relevant export and import regulations of the
acknowledge that you may be photographed, filmed and recorded and grant your
countries concerned. Please note that the US prohibits the importation of any item
permission for your likeness and voice to be included in such recordings. If you do
containing African elephant ivory. Asian elephant ivory may be imported in to the
not wish to be photographed or filmed or appear in such recordings, please speak
US only if accompanied by independent scientific analysis of continent of origin and
to a member of Phillips staff.
confirmation the object is more than 100 years old.
Your communications with Phillips, including by telephone and online (e.g. (b) For the benefit of Phillips, all bidders and sellers agree that the ordinary courts
telephone and on-line bidding) may also be recorded for security, client service of the Canton of Geneva, Switzerland are to have exclusive jurisdiction to settle all
and bid monitoring purposes. Where we record such information we will process it disputes arising in connection with all aspects of all matters or transactions to which
in accordance with our Privacy Policy available at www.phillips.com. these Conditions of Sale and Authorship Warranty relate or apply, subject to appeal
to the Federal Tribunal. All parties agree that Phillips shall retain the right to bring
14 Limitation of Liability proceedings in any court other than the ordinary courts of the Canton of Geneva.
(a) Subject to sub-paragraph (e) below, the total liability of Phillips, our affiliated
companies and the seller to the buyer in connection with the sale of a lot shall be (c) All bidders and sellers irrevocably consent to service of process or any other
limited to the Purchase Price actually paid by the buyer for the lot. documents in connection with proceedings in any court by facsimile transmission,
personal service, delivery by mail or in any other manner permitted by Swiss law,
(b) Except as otherwise provided in this Paragraph 14, none of Phillips, any of our the law of the place of service or the law of the jurisdiction where proceedings are
affiliated companies or the seller (i) is liable for any errors or omissions, whether instituted at the last address of the bidder or seller known to Phillips.
orally or in writing, in information provided to prospective buyers by Phillips or any
of our affiliated companies or (ii) accepts responsibility to any bidder in respect
of acts or omissions, whether negligent or otherwise, by Phillips or any of our
affiliated companies in connection with the conduct of the auction or for any other Authorship Warranty
matter relating to the sale of any lot.
Phillips warrants the authorship of property in this auction catalogue described
(c) All warranties other than the Authorship Warranty, express or implied, in headings in BOLD or CAPITALIZED type for a period of five years from date of
including any warranty of satisfactory quality and fitness for purpose, are sale by Phillips, subject to the exclusions and limitations set forth below and the
specifically excluded by Phillips, our affiliated companies and the seller to the Important Notices set out in this catalogue immediately following the Guide for
fullest extent permitted by law. Prospective Buyers.
(d) Subject to sub-paragraph (e) below, none of Phillips, any of our affiliated (a) Phillips gives this Authorship Warranty only to the original buyer of record
companies or the seller shall be liable to the buyer for any loss or damage beyond (i.e., the registered successful bidder) of any lot. This Authorship Warranty does
the refund of the Purchase Price referred to in sub-paragraph (a) above, whether not extend to (i) subsequent owners of the property, including purchasers or
such loss or damage is characterised as direct, indirect, special, incidental or recipients by way of gift from the original buyer, heirs, successors, beneficiaries and
consequential, or for the payment of interest on the Purchase Price to the fullest assigns; (ii) property where the description in the catalogue (including descriptions
extent permitted by law. accessed via QR Codes appearing in this catalogue) states that there is a conflict
of opinion on the authorship of the property; (iii) property where our attribution of
(e) No provision in these Conditions of Sale shall be deemed to exclude or limit the authorship was on the date of sale consistent with the generally accepted opinions
liability of Phillips or any of our affiliated companies to the buyer in respect of any of specialists, scholars or other experts; (iv) property whose description or dating
fraud or fraudulent misrepresentation made by any of us or in respect of death or is proved inaccurate by means of scientific methods or tests not generally accepted
personal injury caused by our negligent acts or omissions. for use at the time of the publication of the catalogue or which were at such time
deemed unreasonably expensive or impractical to use or likely in our reasonable
15 Copyright opinion to have caused damage or loss in value to the lot; or (v) property where
The copyright in all images, illustrations and written materials produced by or there has been no material loss in value from the value of the lot had it been as
for Phillips relating to a lot, including the contents of this catalogue, is and shall described in the heading of the catalogue entry.
remain at all times the property of Phillips and such images and materials may not
be used by the buyer or any other party without our prior written consent. Phillips (b) In any claim for breach of the Authorship Warranty, Phillips reserves the right,
and the seller make no representations or warranties that the buyer of a lot will as a condition to rescinding any sale under this warranty, to require the buyer
acquire any copyright or other reproduction rights in it. to provide to us at the buyer’s expense the written opinions of two recognized
experts approved in advance by Phillips. We shall not be bound by any expert
16 General report produced by the buyer and reserve the right to consult our own experts at
(a) These Conditions of Sale, as changed or supplemented as provided in our expense. If Phillips agrees to rescind a sale under the Authorship Warranty,
Paragraph 1 above, and Authorship Warranty set out the entire agreement we shall refund to the buyer the reasonable costs charged by the experts
between the parties with respect to the transactions contemplated herein and commissioned by the buyer and approved in advance by us.
supersede all prior and contemporaneous written, oral or implied understandings,
representations and agreements. (c) Subject to the exclusions set forth in subparagraph (a) above, the buyer may
bring a claim for breach of the Authorship Warranty provided that (i) he or she has
(b) Notices to Phillips shall be in writing and addressed to the department in notified Phillips in writing within three months of receiving any information which
charge of the sale, quoting the reference number specified at the beginning of the causes the buyer to question the authorship of the lot, specifying the auction in
sale catalogue. Notices to clients shall be addressed to the last address notified by which the property was included, the lot number in the auction catalogue and
them in writing to Phillips. the reasons why the authorship of the lot is being questioned and (ii) the buyer
returns the lot to Phillips to the salesroom in which it was purchased in the same
(c) These Conditions of Sale are not assignable by any buyer without our prior written condition as at the time of its auction and is able to transfer good and marketable
consent but are binding on the buyer’s successors, assigns and representatives. title in the lot free from any third party claim arising after the date of the auction.
Phillips has discretion to waive any of the foregoing requirements set forth in this
(d) Should any provision of these Conditions of Sale be held void, invalid or subparagraph (c) or subparagraph (b) above.
unenforceable for any reason, the remaining provisions shall remain in full force
and effect. No failure by any party to exercise, nor any delay in exercising, any right (d) The buyer understands and agrees that the exclusive remedy for any breach of
or remedy under these Conditions of Sale shall act as a waiver or release thereof in the Authorship Warranty shall be rescission of the sale and refund of the original
whole or in part. Purchase Price paid. This remedy shall constitute the sole remedy and recourse
of the buyer against Phillips, any of our affiliated companies and the seller and is
17 Law and Jurisdiction in lieu of any other remedy available as a matter of law or equity. This means that
(a) The rights and obligations of the parties with respect to these Conditions of Sale none of Phillips, any of our affiliated companies or the seller shall be liable for loss
and Authorship Warranty, the conduct of the auction and any matters related to any or damage beyond the remedy expressly provided in this Authorship Warranty,
of the foregoing shall be governed by and interpreted in accordance with Swiss law. whether such loss or damage is characterized as direct, indirect, special, incidental
or consequential, or for the payment of interest on the original Purchase Price.
The New York
Watch Auction: SIX
New York / 11 & 12 June
Public Viewing George Daniels
4 – 10 June The Anniversary Watch No. 00,
An extraordinary and historically
Enquiries important platinum wristwatch with
power reserve and date, circa 2010.
watchesny@phillips.com Estimate $500,000 - 1,000,000
phillips.com/watches
Sale information Watch Department Business Development Manager Associate Specialist
Geneva, 6 May 2022, preceding Diana Ortega +41 22 317 8187 Shoyo Kawamura +852 2318 2035
Geneva Watch Auction XV on Geneva dortega@phillips.com shoyokawamura@phillips.com
May 7 & 8, 2022 Senior Consultant
Aurel Bacs +41 22 317 8188 Senior Administrator Cataloguer/Designer
abacs@phillipsbacsrusso.com Emanuela Campi +41 22 317 96 67 Gertrude Wong +852 2318 2045
ecampi@phillips.com gertrudewong@phillips.com
Senior Consultant
Livia Russo +41 22 317 8188 Shipping & Office Coordinator Senior Business Manager, Asia
lrusso@phillipsbacsrusso.com Charles-Henri Gounod Felix Yip +852 2318 2034
+41 79 532 0395 felixyip@phillips.com
Client Relations Manager chgounod@phillips.com
at Bacs & Russo Administrator
Clara Kessi +41 22 317 8188 Finance & Office Administration Stanley Sit +852 2318 2018
ckessi@phillipsbacsrusso.com Alexia Rinalducci +41 22 317 96 71 stanleysit@phillips.com
arinalducci@phillips.com
Auction & Viewing Location Administrative Assistant London
at Bacs & Russo Watchmaker, Technical Support International Head of Perpetual
La Réserve
Athena Bras +41 22 317 9665 Nicolas Commergnat James Marks +44 20 7901 7916
301, Route de Lausanne
abras@phillipsbacsrusso.com info@alliance-geneve.com jmarks@phillips.com
1293 Bellevue, Switzerland
Head of Watches, Photographer Specialist

Auction
Continental Europe Jess Hoffman Chris Youé +44 777 814 3563
Friday, 6 May 2022, 2pm contact@jesshoffman.ch
and Middle East cyoue@phillips.com
Please register to bid online, Alexandre Ghotbi +41 22 317 8189
absentee or by phone. aghotbi@phillips.com New York Sales Coordinator & Client Liaison
Head of Watches Americas, Jacky Lam +44 7899 795870
Under the aegis of Head of Sale, International Strategy Advisor jlam@phillips.com
Maître Tristan Reymond, Senior International Specialist Paul Boutros +1 212 940 1293
Huissier Judiciaire Tiffany To +41 22 317 96 63 pboutros@phillips.com Paris
tto@phillips.com International Business
Viewing Senior International Specialist Development Director
Specialist Doug Escribano +1 212 940 1382 Pansy Ku +33 1 53 71 77 89
Wednesday, 4 May, 2pm–8pm
Virginie Liatard-Roessli describano@phillips.com pku@phillips.com
Thursday, 5 May, 10am–7pm
Friday, 6 May, 9am–12:30pm +41 22 317 8182
vliatard@phillips.com Senior International Specialist China
Geoff Hess +1 917 297 6328
Sale Designation Director of Watches, China
Specialist & Business ghess@phillips.com
When sending in written bids Andy Zhang +86 138 1882 7196
Development Associate
or making enquiries please refer andyzhang@phillips.com
Marcello de Marco Head of Sale,
to this sale as CH080222 or
+41 22 317 81 81 International Specialist
The Royal Oak 50th. Tokyo
mdemarco@phillips.com Isabella Proia +1 212 940 1285
iproia@phillips.com Senior Specialist Consultant
Absentee and Telephone Bids Genki Sakamoto +81 3 6273 4818
Associate Specialist
Tel +41 22 317 8181 Edoardo Bolla +41 79 552 73 68 Sale and Business gsakamoto@phillips.com
Fax +41 22 317 8180 ebolla@phillips.com Development Manager
bidsgeneva@phillips.com Melissa Dahl +1 212 940 1314 Senior Consultant
International Head of mdahl@phillips.com Kaz Fujimoto +81 3 6273 4818
Digital Strategy kfujimoto@phillips.com
Arthur Touchot +41 22 317 96 62 Administrator
atouchot@phillips.com Erica Downs +1 212 940 1389 Taiwan
edowns@phillips.com General Manager, Taiwan
Digital Content Creator Cindy Yen +886 963 135 449
Dominik Teichert +41 22 317 96 67 Hong Kong cyen@phillips.com
dteichert@phillips.com Head of Watches, Asia
Thomas Perazzi +852 2318 2030 Consultant
International Business Director thomasperazzi@phillips.com Zachary Lu +852 2318 2034
Myriam Christinaz zacharylu@phillips.com
+41 22 317 8184 Head of Watches, Hong Kong
mchristinaz@phillips.com Jill Chen +852 2318 2033 Thailand
jillchen@phillips.com Senior Consultant
Regional Director, Rika Dila +66 818 186 878
Business Development Director Head of Sale & Specialist rikadila@phillips.com
Nathalie Monbaron Zi Yong Ho +852 2318 2032
+41 22 317 8183 ziyongho@phillips.com
nmonbaron@phillips.com
PERPETUAL
Exceptional watches available
for immediate purchase
Enquiries
A. Lange & Söhne Datograph
James Marks "Philippe Dufour" 18ct rose gold
T +44 207 901 7916 with black "meter" dial
M +44 7760 848 881 Complete with original box,
perpetual@phillips.com certificate and accessories.
30 Berkeley Square phillips.com/watches

London W1J 6EX @phillipsperpetual
phillips.com/watches

Royal Oak 2022

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Royal Oak 2022

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The Royal Oak 50th

Geneva / 6 May 2022

Lot 1 Lot 2 Lot 3 Lot 4

Lot 5 Lot 6 Lot 7 Lot 8 Lot 9

Lot 10 Lot 11 Lot 12 Lot 13 Lot 14

Lot 20 Lot 21 Lot 22 Lot 23 Lot 24

Lot 25 Lot 26 Lot 27 Lot 28 Lot 29

Lot 30 Lot 31 Lot 32 Lot 33 Lot 34

Lot 35 Lot 36 Lot 37 Lot 38 Lot 39

Lot 45 Lot 46 Lot 47 Lot 48 Lot 49

Lot 50 Lot 51 Lot 52 Lot 53 Lot 54

Lot 55 Lot 57 Lot 58 Lot 59 Lot 60

Lot 61 Lot 62 Lot 63 Lot 64 Lot 65

Lot 71 Lot 72 Lot 73 Lot 74 Lot 75

Lot 76 Lot 77 Lot 78 Lot 79 Lot 80

Lot 81 Lot 82 Lot 83 Lot 84 Lot 85

Lot 86 Lot 87 Lot 88

Reference No. 25820ST Reference No. 56431BC Reference No. 5402ST

The Royal Oak 50th

*Some phones may require a separate

Sale information Watch Department, Geneva International Head of Digital Strategy

Edward Dolman Cheyenne Westphal Stephen Brooks

Aurel Bacs Livia Russo

David Norman Jonathan Crockett Jean-Paul Engelen

Hugues Joffre Arnold Lehman Jamie Niven

Vivian Pfeiffer Marianne Hoet Elizabeth Goldberg Jeremiah Evarts

Aurel Bacs Livia Russo Clara Kessi

International Business Directors Digital Marketing

Myriam Christinaz Pansy Ku Arthur Touchot Dominik Teichert

Nathalie Monbaron Diana Ortega

Thomas Perazzi Jill Chen Zi Yong Ho Shoyo Kawamura Gertrude Wong

China Tokyo Taiwan Thailand

James Marks Christopher Youé

Virginie Liatard Roessli

Estimate Launched as a limited edition of 50 stainless steel pieces,

The box is also extremely creative, it was developed in

The present Royal Oak Tour Auto is a rare opportunity to own a

Estimate While originally presented to the market in 1977, it wasn’t until

The piece was last serviced in 2016, on which occasion it

Launched in 1972, the Audemars Piguet Royal Oak was the

The Royal Oak model reference 5402ST has been produced in

The reference 5402 remained in the Audemars Piguet

Rarely has a timepiece had such historical importance,

Adding an extra element of historical relevance is the fact that

Considering the skepticism the Royal Oak was met with 50

The present example is truly a time capsule as since 1972 it

Accessories Usually more susceptible to wear than stainless steel, the

Accessories That said, the fact that mother-of-pearl is a natural material

Manufacturer Audemars Piguet Immediately recognisable by the “Championship” engraving

Salmon dials in particular are rarely offered in the contemporary

Estimate Presented on a perpetual calendar in yellow gold, this dial is

This “Grande Complication” is without a doubt one of the

Since their earliest beginning - which occur on pocket watches

A number of different factors - such as the advancements

While creating a Grande Complication piece is a daunting

Manufacturer Audemars Piguet As mentioned, Grande Complication timepieces are usually

Manufacturer Audemars Piguet Reference 14544 is a gemset variant of reference 14486

Presented in 1997, the Royal Oak Tourbillon reference 25831

The Royal Oak has always been an experimentation laboratory

The present example in stainless steel bears number 1, the

Estimate Preserved in excellent overall condition, the present 4100BA

When putting together this sale, we managed to source some

Accessories According to our research, it seems that only 18 examples of